A French official has said it might be difficult for Lebanon's banks to prevent savers losing some of their deposits, according to the minutes of a meeting in which France outlined steps to help the crippled banking industry.
BEIRUT - A French official has said it might be difficult for Lebanon’s banks to prevent savers losing some of their deposits, according to the minutes of a meeting in which France outlined steps to help the crippled banking industry.
France has taken the lead in international efforts to push Lebanon’s fractious politicians to implement reforms needed to attract aid and ease a crisis that has paralysed the banking sector, shutting depositors out of most of their funds. But savers with U.S. dollar accounts in Lebanon say they have already lost money as they cannot access funds or can only do so by exchanging into Lebanese pounds below market rates.
According to the minutes, Duquesne listed other measures needed, including the swift implementation of capital controls and bank consolidation in a country with 64 banks controlled by 32 groups.
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