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Nahhas: Sanctions against banks will have political backgrounds

10-11-2011 | 06:20

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Nahhas: Sanctions against banks will have political backgrounds

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Labor Minister Charbel Nahhas told the Voice of Lebanon radio station that there is no need to worry about the possibility to impose sanctions against the Lebanese banking sector.

“The banking oversight systems have been determined along with rules familiar to the Central Bank and binding to all countries”, Nahhas said, “Lebanese bankers are also familiar with these rules and are well aware that if any violations are reported they will be sanctioned.”

Nahhas emphasized the notion that if sanctions were to be imposed on the Lebanese banking system they will be purely of a political nature. Speaking on the wage raise, Nahhas said that he has not yet finalized his report in this regard.

“The price index committee will meet on Friday in an attempt to reach a settlement and give dialogue a second chance before the cabinet is forced to make a decision on its own”, Nahhas stressed.

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