| 23 February 2024, Friday |

Depositors’ Association: We call on people to take to the streets

The “Depositors Association” issued a statement in which it called on people to take to the streets to pressure towards a comprehensive and just financial solution

It added that the statement issued by the Governor of Banque du Liban in less than two days  after the issuance of the State Council’s decision, in which  commercial banks are required to pay $400 per month in cash and in American dollars, and $400 to be paid in Lebanese pounds at the exchange rate determined by the exchange platform, was met with a  quick response from  the Association of Banks, declaring that it was not possible to pay any amounts in foreign currencies. This statement confirmed its inability to secure the withdrawals required for depositors, and thus, is considered an admission by the banks that they have stopped paying and are bankrupt. Accordingly, the Association of Depositors calls on the Central Bank and the judiciary to take immediate action to implement the Monetary and Credit Law, and calls on the judiciary to stop the hands of bank managers, and to immediately seize the fixed and mobile assets, whether outside or inside Lebanon, for the banks, their owners, members of their boards of directors and senior managers, and to appoint a specialized and independent management committee to manage their assets.

The Association of Depositors also holds the political authority represented by the President of the Republic, the caretaker government, and the elected Parliament, especially the Finance and Budget Committee, responsible for the current situation.

It concluded its statement, calling on people to “take to the street immediately, to besiege the homes of politicians and bank owners, to pressure towards a just and comprehensive financial solution.”