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Lebanon’s Banking System on the Verge of Collapse - ASHARQ AL-AWSAT English Archive
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Beirut- Economic experts in Lebanon warned of the Lebanese banking system collapsing, after the implementation of the U.S. congressional legislation in 2015.

The edict prohibits dealing with the Lebanon-based Hezbollah and employs the effective shutdown of bank accounts belonging to 91 people and all institutions affiliated to the group.

Meanwhile Governor of the Banque du Liban, Riad Salemeh, announced that all national banks will commit to implementing the U.S. decision, other bankers are in the process of saving no efforts on downsizing the aftermath so that it is restricted to the party and its affiliates.

After the visit taken by a ministerial mission assigned by Parliamentary Spokesman Nabih Berri to Washington, last February, to deliver Lebanese commitment to all international measures taken against terrorism and money laundering; a recent similar delegation of bankers, led by the President of the Association of Lebanese banks, Joseph Tarabay has taken a similar trip to Washington.

Moreover, Daniel L. Glaser is the Assistant Secretary for the Department of the Treasury of the United States is expected to visit Beirut in the first week of the upcoming May.

Expert economist Samy Nader, believes that the U.S. sanctions on Hezbollah have rendered Lebanon under extreme monitoring and further economic obstacles, at a time that the country desperately needs relief on existing obstacles.

Nader, in a statement he made to Asharq Al-Awsat, warned of the banking system collapsing in light of increasing debt, which has been ongoing since 2011.

“The banking system is established on trust, should trust be shaken, the whole system falls, and danger then would afflict revenue,” Nader Said.

Asharq Al-Awsat English

Asharq Al-Awsat English

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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