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Sfeir: Politicians better not interfere in banking system

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18-03-2020 | 14:23

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Sfeir: Politicians better not interfere in banking system

Chairman of the Association of Banks in Lebanon Salim Sfeir told the Financial Times on Wednesday that “politicians better not interfere in the banking system.”

“Let it be the responsibility of the central bank and not the politicians,” he added.

On another note, he stressed that “the government bonds were the sector’s only source of foreign currency,” adding that local lenders had already “used all our deposits with foreign correspondent banks and were therefore compelled to sell the bonds.”

He concluded by blaming the public sector for its misleading that led to its cash crisis, stressing that selling the bonds in foreign currencies in reduced prices “was very expensive for the banking sector.

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