ABL and Sector News

ABL rejects the repeated attacks on banks

September 30 2021

The Association of Banks in Lebanon rejects the systematic targeting of banks that has been carried out for two years now, along with the new threats for employees and the attack on public and private properties from those who claim to protect the depositors.

ABL would like to recall that it does not constitute a regulatory authority, rather, it implements the circulars issued by the Central Bank and laws passed by the parliament.

ABL would also like to recall that it does not play a role in the devaluation of the exchange rate and in determining limits on withdrawals from USD accounts, which is a decision that falls in the context of monetary policies set by the Central Bank.

ABL affirms that it seeks not to hold depositors responsible of the state’s failure in managing the country, and it demands it during all its meetings with relevant stakeholders. The haircut option is rejected by ABL, and the capital control law is still sought to this day.

The Association of Banks in Lebanon asks all depositors to redirect their rightful protest efforts and renounce violence and threats, and to join forces to engage in negotiations with relevant stakeholders. It also informs depositors that it stands by their side to overcome this difficult time, which is in the interest of Lebanon and the Lebanese.

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