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A man holds Lebanese liras at a currency exchange office in Lebanon in October 2023. (Credit: Joseph Eid/AFP)
Add as preferred on Google The account is meant to recover funds, with a promise to use them exclusively to repay depositors hit by the economic and financial crisis that has gripped Lebanon since 2019.On Oct. 8, Banque du Liban (BDL), Lebanon’s central bank, announced the opening of a “deposit recovery account,” described as financially and accounting-wise independent and separate from its other assets. It is intended to receive funds recovered by BDL through court rulings, settlements or legal proceedings in Lebanon and abroad. More from Mounir Sayrafa tax: Banks block Lebanon’s tax authorities While welcomed by the depositors’ associations, the initiative nevertheless leaves one question unanswered: Do all the funds targeted by the various proceedings belong to the central bank? And can it decide on its use unilaterally?According to the legal... You have reached your article limit.Stay informed as events unfold across a region in flux.Subscribe for $0.5/month for the first 3 months. Subscribe now Log in This article is only available to L’Orient Today subscribers. Subscribe now Log in Create a free account to continue reading this article. You’ll also receive The Morning Brief, our must-read daily digest of Middle East news. Opt out anytime Email Address Password Email Address Password I would like to receive special offers from L'Orient Today as well as selections of the best articles. Register By creating an account, you agree to the terms and conditions of use and our privacy policy. Register Or register with: Facebook
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