Acting Central Bank Governor Wassim Mansouri stressed on Thursday that the monetary stability witnessed recently in Lebanon is temporary, warning that the presidential vacuum will lead to a further economic deterioration.

After a meeting with the Economic and Social Council, Mansouri confirmed that the Central Bank will continue paying the salaries of the public sector in US dollars, adding that this would provide stability to 400,000 families.

Central Bank Governor indicated that the government and the parliament are concerned with reassuring the depositors’ funds, underlining the importance of restructuring the banking sector in this regard.

Mansouri also underscored Lebanon’s need to re-launch the banking sector through restoring depositors’ confidence.

Since 2019, Lebanon has been suffering from a historic economic crisis with very high rates of inflation and unemployment. The value of the national currency decreased dramatically against the US dollar, and banks refrained from releasing the funds of the depositors.

Source: Al-Manar English Website