Interim governor of Banque du Liban (BDL), Wassim Manssouri. (Credit: Mohammad Yassine)
Banque du Liban (BDL) interim Governor Wassim Manssouri stated in an interview with the Al-Hadath channel on Wednesday that he has “a comprehensive plan to return depositors' funds. "
“We have a comprehensive plan to return depositors' funds ... It is unacceptable that deposits have not been recovered after five years of crisis ... We have also proposed a bill for the issuance of new currencies,” he indicated.
Since the beginning of the financial crisis in 2019, Lebanese bank customers have faced severe restrictions limiting access to their assets. This situation stems from losses resulting from decades of financial mismanagement and corruption. The question now is who should bear these losses, and a major taboo is beginning to fall: the use of state asset revenues to contribute to the repayment of deposits over a defined period.
The interim governor also estimated having “reduced inflation from 300 percent to 18 percent in one year,” and that “not financing the state pushed it to increase tax collection, which resulted in a budget surplus.” “Our usable reserves have exceeded two billion dollars,” he said.
Manssouri insisted that “the banking sector complies with the highest standards of anti-money laundering and combating the financing of terrorism.” “We monitor all funds entering the banking sector in Lebanon,” he added, stating, “We work with all banks in the United States and Europe.” He also wishes to “see Gulf countries return to Lebanon.”
BDL's former Governor Riad Salameh's management is regularly criticized for contributing to the country's collapse. Salameh has been targeted by several investigations, notably in Europe, regarding how he built his fortune. He has always rejected this responsibility, blaming Lebanese leaders for accumulating deficits to the point of no return.
This article was translated from L'Orient-Le Jour.
