Lebanese banks that can't raise capital must leave market, says central bank governor | Malay Mail

Friday, 28 Aug 2020 08:49 AM MYT

Those leaving would do so by giving their shares to the central bank, Salameh added. He said he could not speculate how many of Lebanon's nearly 40 banks would exit the market. 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.

With the country running out of dollars, the central bank has kept providing foreign currency for fuel, wheat and medicine imports at an official peg. “We are not about to float the currency and therefore for the time being we are living with these two exchange rates,” he said, adding that this decision also lies with the government.

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