Lebanon central bank says bank deposits are safe, banks to review curbs

BEIRUT - Lebanon’s central bank governor, seeking to shore up creaking confidence in the banking system amid the worst economic crisis in decades, said on Monday bank deposits are secure and it had the ability to preserve the stability of the Lebanese pound peg.

Already in deep economic turmoil, Lebanon has been plunged deeper into trouble since Oct. 17 when an unprecedented wave of protests against the ruling elite erupted across the country and prompted the resignation of Prime Minister Saad al-Hariri. Referring to these restrictions, Salameh said the central bank had asked banks to review what he described as somewhat “conservative” steps taken because of instability that was prevailing at the time banks had reopened.He said that banks managing their liquidity did “not mean the solvency of the banking sector was reduced or poses dangers to deposits.”

In a further potential disruption to bank operations, a union representing bank staff urged them to go on strike starting Tuesday because of security concerns stemming from protests at banks and depositors demanding withdrawal of their funds.Salameh said the central bank hoped for the formation of a new government as soon as possible. The central bank would seek to bring down interest rates through liquidity management measures, he added.

One dollar was buying 1,800 pounds or more on Friday compared to 1,740 on Thursday, two market sources said. The pegged rate is 1,507.5 pounds. Banks on Monday were closed for a holiday.

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