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Samir Geagea: No Lebanese official has the right to prejudice the citizens' savings in banks


The head of the Lebanese Forces Party, Samir Geagea, affirmed that no state official, no matter how high, has the right to infringe on the mandatory foreign exchange reserves at the Central Bank, which represents the remainder of the funds of depositors in the banking sector, warning that any prejudice to the reserve will expose the perpetrators to prosecution before the courts. .


Geagea said in a statement today: “We hear whispers from time to time about the intention of some state officials to use the compulsory reserve remaining in the Central Bank of Lebanon, which represents what remains of people's deposits, and the state has nothing to do with it from near or far, rather it is at the core of Private property protected by the constitution. "



He added, "No official in the state, regardless of his position, whether he is president of the republic, head of government, minister of finance, or governor of the central bank, has no right to think just thinking about using the remaining possessions and savings of citizens."


He continued, saying: "Any attempt to violate the compulsory reserve will expose the perpetrators, regardless of their status, to prosecution, and if some of them assume that they can tamper with some of the judicial references at the present time, this reality will not continue, and Lebanon will either sooner or later have real judicial powers that pursue those who beg for him." He reached out to what remained of the people's possessions. "


He pointed out that the strong republican bloc (the parliamentary bloc of the Lebanese Forces party) had previously proposed a law two months ago aimed at preventing harm to the compulsory reserve, calling on the House of Representatives Bureau to include it on the agenda of the first session of the General Assembly, so that the political claim is linked to the prohibitive and clear legal text.


Lebanon is moving towards lifting the subsidy amounting to about $ 500 million a month within a few weeks, in light of the diminishing cash reserves of foreign currencies at the Central Bank of Lebanon, and the near depletion of funds allocated in the US dollar to support basic and strategic commodity prices, as only the central bank has left. $ 16.88 billion represents mandatory reserves (the remainder of depositors' funds in the banking sector, accounting for 15% of their total deposits), which cannot be used to support commodity and product prices and imports.


Lebanese President Michel Aoun and Caretaker Prime Minister Hassan Diab are pressing for the continuation of the support while reducing it gradually, for fear of a societal explosion if the support is completely removed in light of the severe financial, economic and monetary crises that Lebanon is witnessing, which raised fears of a possible resort to the bank. The Central Bank for the use of compulsory reserve in support.


The Governor of the Central Bank of Lebanon, Riad Salameh, called on the government last month to urgently and quickly lay down a clear vision for the support policy it wants to adopt, in a way that puts an end to the existing waste, provided that this policy is within limits and controls that allow the preservation of the assets of the Central Bank in currencies. Foreign affairs, in light of the seriousness of the existing situation and the economic and social impacts that may result from the delay in deciding on this issue.

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