Banque du Liban Governor Discusses Deposits and Gold

The article discusses the timing of the approval of Lebanon's Financial Gap Law, where Central Bank Governor Kareem Saied announced that he does not expect its approval before six to eight months from now, due to notes and reservations from both the Central Bank and the International Monetary Fund regarding the draft. The law aims to determine the extent of losses, allocate them, and recover depositors' funds— a critical step in addressing the financial collapse that began in 2019. The article also addresses the challenges related to settling depositors' claims, including the possibility of deductions of up to 30% of the owed amounts, as well as future options for paying depositors through bonds or cash payments over several years. Additionally, Saied's stance on selling the central bank's gold reserves is highlighted; he emphasizes that he does not favor selling unless under urgent necessity, and that the law prohibits disposing of gold except through parliamentary legislation. He also pointed out that the Central Bank possesses other real estate and financial assets that could be used to settle obligations. Foreign reserves are estimated at around $12 billion, but they do not represent a completely free stockpile. Saied also underscored the importance of stabilizing the Lebanese pound, noting that Lebanon still faces conditions and obstacles that hinder economic revival, and that removing the country from high-risk lists requires regulatory efforts, not just policy measures.

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