Mikati: Government studying law related to recovery of deposits

Caretaker Prime Minister Najib Mikati  said on Tuesday that "the government is studying a law related to the recovery of deposits, giving priority to small depositors whose deposits are less than $100,000." 

"It will not be unfair to them, as has been rumored in Lebanese circles in recent weeks," He added while stressing that the deposit recovery law will be finalized in the "shortest time."

In an interview with "Al-Sharq" channel on the sidelines of the World Economic Forum held in Davos, Switzerland, the Prime Minister expressed his surprise at recent rumors that the proposed law to repay deposits held in banks would affect large depositors and unfairly treat small depositors, stating that "it is entirely the opposite."

On another note, Mikati mentioned that the International Monetary Fund had set some preconditions for benefiting from the Extended Fund Facility program, including approving laws in the parliament, including laws for restructuring banks, and addressing the banking gap.

He noted that upon the approval of these laws, Lebanon will be on the "path to complete recovery."

He also pointed out that the central bank is considering unifying the exchange rate, taking into account the reality of the banks.