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bankingOctober 15, 2020

Salameh explains fresh circular involving LBP cash withdrawals from local banks

NNA - Lebanese Central Bank Governor, Dr. Riad Salameh, on Wednesday issued a statement denying news by some banking sources and media outlets claiming that the Lebanese Central Bank has set a ceiling for LBP withdrawals by depositors from local banks.

“This news is untrue; the mechanism adopted by the Central Bank is to set ceilings for banks to withdraw from their Central Bank accounts. Upon exceeding these limits, the required amounts are calculated from the concerned banks' frozen accounts at the Central Bank. Therefore, there is no ceiling for the amounts that can be withdrawn from the Central Bank, but the source of funding for this liquidity is different,” a statement by Salameh explained.