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“The confusion that arose the day before yesterday is unnecessary,” according to the Bank Association cashier, Tasal Al-Sabah, who ruled out setting a cap for monthly withdrawals at less than 5 million pounds, advising each client to clarify information about their bank instead of relying on rumors and leaks from here and there.
Through the Central Bank, he recalled the explanatory memorandum issued by the Banque du Liban the day before yesterday, in which it announced the setting of limits for banks to what they can withdraw from their current account at the Bank of Lebanon.
Al-Sabah attributed this to “the presence of £ 22 trillion lost, left by the Central Bank of Lebanon and the banks and no longer … These funds are used in the speculation market. And based on the saying,” Nobody scratches your skin but your strings, “he informed the banks that he would give each bank according to its size” a quota. “Determined despite knowing that the need of the banks exceeds that part. Therefore, the remaining value it is deducted from the interest calculated on your dormant account, thereby relieving pressure on central bank spending, especially the increased burden inherent in spending in the public sector.
In context, he explained, “each bank has separately set a maximum limit for withdrawals in LBP as it deems appropriate. There was never a single limit for all banks.”
Noting the “modification of the measures taken in the Lebanese-Swiss bank”, he assured that “the withdrawal of funds in Lebanese pounds from the ATM and according to the account book” check “will remain as is, but with the establishment of a limit for cash withdrawals, that is, for example, who owns 50 thousand One dollar and without bank deposits you can withdraw 3 million pounds per month, equivalent to 700 dollars … and the process is progressive with the adoption of the exchange rate of the electronic platform 4000 pounds for a dollar ”.
He remarked that “what is required is trust, security and trust … even if we give all depositors their money and hide it in their homes, what is the benefit of that ?! What is required is trust in the system prevailing … without neglecting the “mismanagement” to sustain basic and consumer goods, it is incomparable. To make matters worse, which led to the smuggling of medicines, gasoline and diesel, and hid the food products in warehouses to later sell them in the black market.
No to the monetary economy … On the other hand, Al-Sabbah explained that “because of our call to the Cash Economy, we go back to the Middle Ages, because everyone is now turning to digital currency. Backward economies alone are still dependent on the money economy. But the reason is our adherence to the economy. Cash, which is “loss of confidence” … As for the pound, it is present. He continued: The citizen hides money in his house because he does not know if a state will stay there or not. Therefore, you do not believe in your bank account, but in what you have in your pocket. And since digital currency is still absent in Lebanon, people can choose between checks and credit cards … and the need to exclude cash. This is the role of banks to motivate people to use the first two options at this stage.
Source: Central News Agency
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