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Fresh approach: Wassim Mansouri's proposed reforms seek to revive Lebanon's struggling banking sector
News Bulletin Reports
2023-09-28 | 12:00
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Fresh approach: Wassim Mansouri's proposed reforms seek to revive Lebanon's struggling banking sector
Amid the prevailing negative economic landscape in the country, the acting Banque du Liban (BDL) governor, Wassim Mansouri, is exploring ideas to improve the plight of depositors and the country's struggling banking sector.
These ideas revolve around the principle that economic recovery is closely tied to a healthy banking sector that can only regain stability by earning the trust of depositors, who are now seeking access to their deposits, or at least a portion of them.
Within this framework is talk of a proposed law awaiting approval alongside the demanded reform laws outlined by Mansouri. This law could serve as an alternative to unapproved capital controls, and it includes the following key points:
- Gradually increasing the monthly withdrawal limits for depositors, reaching up to $1,000 monthly.
- Granting banks the ability to issue fresh US dollar loans would mean the revival of dollar-based credit activities, with the law ensuring repayment in fresh US dollars.
- Requiring banks to secure investments for these loans from their foreign shareholders. These investments should be safeguarded by any future legislation related to banking sector restructuring. Depositors with fresh US dollars could also invest in US Treasury bonds, enabling them to earn interest and further benefit from their deposits in fresh dollars in Lebanese banks.
- Implementing this legal framework could free up approximately one billion dollars from the mandatory reserve held by the BDL, which would be allocated for payments to depositors.
- This law would protect the new funds for depositors and shareholders from any risks, especially government intervention, even in the event of a bank's bankruptcy.
- Ultimately, this proposed law aims to rejuvenate banking activity, restore confidence among depositors, and stimulate economic activity in various sectors.
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