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direct: The Central Bank of Lebanon has revealed the agreement to draw up a roadmap with implementation deadlines through which it will resort to taking the appropriate measures related to the implementation of the provisions of Circular No. 154, based on the reports prepared by the Banking Control Commission.
The Lebanese National Media Agency reported, tonight, Monday, a statement from the bank, which held a meeting of the Central Council headed by the Governor and the presence of all members with the President and members of the Banking Supervision Committee.
The Bank of Lebanon affirmed that its Central Council met periodically to follow up on the issue and address the situation of each bank separately, in coordination with: “The Financial Markets Authority, the Special Investigation Commission and the Supreme Banking Authority.”“.
The meeting of the Central Council of the Banque du Liban today, Monday, coincides with the deadline set for banks to adhere to the application of Circular 154, with the aim of meeting the demands of the central in matters of capital increases of 20 percent and form liquidity in correspondent banks for 3 percent of the total deposits in foreign currency that they have, within a foreign account free of any obligation.
The Lebanese newspaper “An-Nahar” had previously published that the Banque du Liban considers it premature to assess the banks’ response to the objective of increasing capital and requesting an increase in liquidity, and this period has not yet passed.
And the Reuters news agency reported last February that several Lebanese banks are struggling to reach the target percentage for raising capital..
Central Bank Governor Riad Salameh told Reuters that Lebanese banks that do not achieve the goals set last year will be referred to a higher banking committee at the Central Bank for “appropriate decisions.”
It did not say whether the banks were eligible, according to the agency..
Reuters noted that Central Bank publications asked banks to increase liquidity by 3 percent with foreign correspondent banks and urged some depositors to return 15 to 30 percent of funds transferred abroad..
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