Karim Saeed reveals the fate of deposits !!

In a remarkable step, the governor of the Bank of Lebanon visited the doctor Karim Saeed The Maronite League, at the invitation of its executive council and the economic committee in it, with the aim of dialogue with ways to address the monetary crisis, restore depositors ’money, reform the banking sector, and fix the exchange rate of the lira.

Welcome and attitudes from the Maronite League

The meeting started the head of the association, the ambassador Khalil Karam He was welcome to the ruler Saeed, noting that he “received its responsibilities at a precise time in which Lebanon faces the repercussions of the recent war, and the financial crisis that overthrew the Lebanese deposits, and turned the well -off to needy.”

Karam added:

“We trust your sincere capabilities and structure in saving public finances. We refuse to prejudice the powers of the Bank of Lebanon under any pretext, and we also hope that you will clarify today the mechanism of dealing with the International Monetary Fund, restoring deposits, installing the exchange rate, in addition to how to address the conditions of the banking sector.”

Karim Saeed reveals the fate of deposits !!

At the beginning of his speech, he thanked the doctor Karim Saeed The association on the invitation, and praised the opening word because of its accurate description of the current financial crisis, before he focused in his speech on three main axes:

1. The independence of the Bank of Lebanon

The ruler confirmed that The Bank of Lebanon has complete independence Toward political power, just like other central banks around the world. This independence is necessary to ensure the proper functioning of the state, and it is one of the basic conditions for the success of any economic recovery plan.
He added that “the next stage requires full cooperation between the Lebanese authorities,” stressing the importance of protecting the central independence instead of prejudice to it.

2. The nature of the financial crisis: regular, not individual

The ruler described the current crisis as it A regular crisis resulting from the accumulation of public debts And the investments of excess banks in state bonds, with a previous launch in the application of the Banque du Liban systems.
He considered that “recognition of the nature of the crisis is the first entrance to the solution,” calling for a lowering the burden on the budget of the Bank of Lebanon andLaunching a gradual plan to restore deposits within a reasonable time period.

3. Distributing responsibilities between the state, the central and banks

Saeed confirmed that Treating the crisis requires a shared responsibility Between the state, the Bank of Lebanon, and the commercial banks.
He pointed out that the central bank cannot alone bear the burdens, but rather all the parties concerned must participate in providing realistic and fair solutions.

International support: a prerequisite for success

At the end of his speech, the ruler stressed that International support from the Monetary Fund, the World Bank, the European Union, and Arab institutions It is an essential component of confronting this deep crisis.
But he pointed out that this support should come within a framework National solutions stemming from the Lebanese interiorThrough responsible decisions made by the legitimate authorities in the country.

The word of the ruler of the Bank of Lebanon came to confirm the following constants:

Preserve The independence of the central bank.
Acknowledgment that the crisis Regular and requires a comprehensive reform.
Restore deposits It cannot take place without realistic plans and cooperation from all sides.
There is no solution without International support is conditional on internal reforms.

The Lebanese citizen, who is tired from the years of collapse, is looking to translate these words into actions. Will Karim Said’s era be different, and start from where others have ended?

Lebanon today

The post Karim Saeed reveals the fate of deposits !! APPEROD First on 961 tobay Lebanon today.