The Central Bank of Lebanon emphasized the necessity for banks to adhere to all deadlines outlined in its directives for increasing capital and securing external liquidity without any modification.
The National News Agency reported on a statement from the Central Bank underscoring the obligation of banks to comply with all deadlines specified in its directives for increasing capital and securing external liquidity, contrary to what is being circulated in numerous articles and analyses. The statement indicated that after February 28, 2021, banks are required to submit all their data to the Banking Control Commission, which will then audit it and send reports concerning it to the Central Bank.
Additionally, the Central Bank confirmed that according to Article 70 of the Monetary and Credit Law, the stability of the banking sector is one of its responsibilities and priorities. Therefore, its approach will aim to take all necessary measures to address the banks' situation, ultimately enhancing banking stability and ensuring the protection of depositors' funds and rights. The statement noted that coordination will occur among the Central Bank, the Banking Control Commission, the special committee, the markets authority, and the higher banking authority under the supervision of the Governor of the Central Bank to successfully implement Circular 154 in all its provisions.
