Are Lebanese banks preventing Syrian clients from using US currency?

Middle East News
04-10-2011 | 14:57
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Are Lebanese banks preventing Syrian clients from using US currency?
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Are Lebanese banks preventing Syrian clients from using US currency?

The Lebanese banking sector has not been subjected to any external pressure. In fact, more than one banking official assured that Lebanese banks did not prevent Syrians from using U.S. dollars in Lebanon.   

In this context, former Minister Marwan Kheireddine told LBC that no funds in U.S. dollars were transferred to Syrians who were blacklisted by U.S. sanctions, adding that Lebanon is fully committed to international resolutions and to the instructions of the Association of Banks in Lebanon.   

On September 15th, the Association of Banks in Lebanon circulated a memorandum in which it called on banks to the take the initiative of informing the investigative body concerned with bank accounts and the movement of funds belonging to Syrian figures or companies that appear on U.S. and European black lists.

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