Manasouri from London: Deposits Recovery Will Not Happen Overnight

The Acting Governor of the Central Bank of Lebanon, Wassim Manasouri, speaking from Britain, noted that Lebanon has been distant from international institutions in the past. He indicated that today, the relationships of the Central Bank could serve as a gateway to reopen these relations both internally and externally. During a visit of a Lebanese parliamentary delegation to London, he stated, "Today, some policies of the Central Bank have changed, and a set of decisions has been made to build the institution internally. The Central Bank is working on internal accountability and ending the financial relationship between us and the state, and redefining the relationship with the state by stopping funding, which has contributed to several positives, especially regarding reserves and monetary stability with the suspension of the Sayrafa platform and buying dollars from the market. There is currently a surplus in the balance of payments." He confirmed that the size of the economy is now known, allowing for further development. Regarding the recovery of deposits, he emphasized the need to accept the reality that this will not happen overnight, but there are mechanisms for returning deposits. He pointed out that trust in banks will not return without addressing the deposits, but ultimately, there can be no economy without a banking sector. He stressed the necessity of starting structural reforms, which can begin at this moment, as well as restructuring the public sector.