| 18 May 2024, Saturday |

ABL clarifies: “Only 60% of the social assistance will be paid for employees cash”

The Association of Banks in Lebanon (ABL) said in a statement: “Following the Central Bank’s decision to pay 60% of the social assistance in cash, ABL confirms that banks pay for employees the amounts of cash provided by the Central Bank, and neither have the decision to print the currency nor the ability to modify the decisions of the Central Bank and the Ministry of Finance.”

The association confirms that it welcomes the provision of all social assistance in cash, if the necessary funds were provided by the Central Bank.

ABL has stated in a previous statement that “with reference to the government’s decisions related to providing social assistance to public sector employees, including the military, equivalent to half an additional salary per month with a minimum of 1.5 million pounds and a maximum of 3 million pounds, the Central Bank has informed the banks It will cover only 60% of the mentioned social assistance in cash only, not 100 percent as employees and retirees might expect.”

The statement added: “Accordingly, the banks will abide by the Central Bank’s decision to spend 60% as a cash withdrawal ceiling, which means that those concerned must use other payment methods for the remaining 40%.”

The association hopes that the Ministry of Finance and the Central will clarify this issue to employees in order to avoid any clashes with banks and to avoid any false impressions by public sector employees.”

Banks confirm that they are ready to implement any decision that may be taken by the concerned authorities, such as the Ministry of Finance and the Central Bank.

  • Sawt Beirut International