LBCI

BDL's Central Council will reconvene on Wednesday

Lebanon Economy

16-01-2023 | 11:08

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BDL's Central Council will reconvene on Wednesday

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The situation between the Banque du Liban and some banks is heading towards a state of confrontation due to violations that appear to have been committed by some bank owners or managers in the exploitation of banking operations to achieve large illegal profits.

This information was discussed in the extraordinary meeting of the Central Council at the Banque du Liban, and it was agreed to be strict in applying circulars and decisions and to prevent any violations by some banks that might affect the impact of these circulars and decisions.

In this meeting, it was decided that the Banking Control Commission would investigate the suspected violations. If it were proven that they had occurred, appropriate measures would be taken against the concerned bank and those involved.

On the other hand, no new decisions have been taken related to the banking platform Sayrafa, as the ceiling is still 100 million LBP per month for individuals only. Still, the matter is related to carrying out operations with the decision taken by each bank.

Information also revealed that a discussion took place regarding the fate of the funds in Lebanese Liras that were deposited in banks to carry out Sayrafa exchange operations and were frozen by the decision to limit Sayrafa's ceiling.

An opinion prevailed in the meeting regarding not completing these operations for companies. As for individuals, some asked to refrain from conducting these operations for owners of large amounts only after confirming the source of funds.

The discussion will be completed on Wednesday at the regular meeting of the Central Council, noting that the discussion also touched on the monetary policies that are supposed to be adopted in the year 2023.

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