President of Lebanon's Socio-Economic Council Charles Arbid said that Lebanon is witnessing a difficult situation, adding that the revolution is the result of the conditions of the country. “The financial meeting held in Baabda palace put the ball back in the court of governor of Banque Du Liban,” he noted.
In a statement to LBCI’s Nharkom Said, Arbid added that the financial meeting proved that there’s an interest in fixing the situation and work is underway to reduce interest rate on deposits.
He also regretted that the council was absent from the meeting, emphasizing that the economic generator has turned off due to the conflict between the political forces and the reality. “The solution lies in forming a new cabinet that gains the people’s trust as soon as possible,” he stressed.
On the issue of banks, Arbid said that the measures implemented by the Association of Banks in Lebanon when the banks reopened their doors remain in the end decisions issued by an association and not by an authority that can pass laws, pointing out that mandatory decisions must be taken by the central bank or the Finance Ministry.
“Cedre conference had set mechanisms but was obstructed because the political forces in power only think about politics and now due to the popular movements, they started thinking about other things,” he explained, stating that the revolution is not only one of the hungry, but one of a new generation that has new demands and interests.