• March 6, 2021
• By Daily Star

In fact, the banking sector crisis in Lebanon, although masked by the financial engineering operations carried out by the central bank,had started much earlier. Despite the colossal profits announced by Lebanese banks until last year, a reversal of financial flows had been observed as early as January 2019.In August 2020, the Central Bank issued the circular 154 to reactivate the work of banks operating in Lebanon. These exceptional measures aiming at “restoring confidence in the banking sector” consist of reconfiguring the banks account abroad with correspondent banks provided such account represents not less than 3% of the total of deposits in dollars.
Read full article