Business & Finance

Reuters exclusively reports Lebanese banks that can’t raise capital must leave market, central bank governor says

Lebanese banks that cannot increase their capital by 20% by the end of February 2021 will have to get out of the market, Central Bank Governor Riad Salameh told Reuters. Those leaving would do so by giving their shares to the central bank, Salameh added. Lebanon’s cash-strapped banks have frozen savers out of their dollar deposits and largely blocked transfers abroad since late last year as the country sank into a financial meltdown on a scale it has never seen. The central bank wants domestic banks to boost liquidity at their correspondent banks abroad, with which they do not have sufficient funds. 

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Equities
Regions: Middle East
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text