Bank Of Lebanon: No tendency To Impose Granted Loans Repayment In Fresh USD

Bank of Lebanon: " no tendency to impose granted loans repayment before October 2019 in fresh USD."
Patrick Mouzawak | Bloomberg

Bank of Lebanon (BDL) sources announced today, August 3rd, to LBCI that there is no tendency from BDL to impose the repayment of loans that were granted in US dollars to individuals before October 2019 in fresh dollars.

This comes in parallel after the World Bank accused Lebanese politicians of cruelty over deposit promises, in a report issued earlier today.

According to the World Bank, the claim by Lebanese politicians that deposits held in the country’s collapsed banking sector are “sacred” is “cruel” because they “flagrantly contradict reality.”

It stated that the political slogans for the sacrosanctity of deposits are hollow and opportunistic and the constant abuse of this term by politicians is cruel.

Lebanon’s economy has been in free fall and heavily in debt. A sizable portion of the Lebanese population lives below the poverty line, including some severely poor families who survive on less than $4 per day, and many of them are underpaid or unemployed.

Related: The Lebanese Economic Crisis Summed Up In Five Main Numbers.

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