Lebanese trade minister says $4 bln withdrawn from banks since September

A young demonstrator stands outside the Central Bank of Lebanon in Beirut, Lebanon, October 25, 2019. (Reuters)

Lebanon’s caretaker Trade Minister, Mansour Bteish, said on Sunday that he and others had asked the central bank governor and commercial banks at a recent meeting to reduce interest rates by roughly half.

Bteish told the Lebanese broadcaster al-Jadeed that the governor, Riad Salameh, had cited data showing that about $4 billion in hard currency had been withdrawn from Lebanese banks since September.

The meeting was called to discuss how to tackle a deep financial crisis.

Bteish said it had ruled out a haircut on deposits or a change to the dollar peg that governs the exchange rate of the Lebanese pound.

Last Update: Wednesday, 20 May 2020 KSA 10:01 - GMT 07:01