Will Depositors Get Their Money Back?

Economic expert Louis Habib emphasized the necessity of unifying the dollar exchange rate, considering the determination of a rate of 15,000 for banks’ dealings a positive step; however, he expressed surprise that it would start in February. He noted in an interview with "Voice of Lebanon" that "the Governor of the Central Bank seems dissatisfied with the capital control law as he has linked its approval to the cancellation of all related banking circulars, while there is no actual link between the law and the issued circulars." In response to a question about depositors' money, Habib confirmed that "recovering this money requires fresh dollar funds to enter the country, which can only happen after signing an agreement with the International Monetary Fund through external funds that will follow this agreement." Habib explained that "capital control is one of the conditions of the IMF, and Lebanon can approve it for a year, leaving the door open for its cancellation or modification later; but what is important now is its approval in line with the IMF to obtain the necessary funds." Regarding the possibility of some banks going bankrupt, Habib attributed the issue to mismanagement, which necessitates the adoption of a banking rehabilitation law and some form of merging to strengthen this sector.