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التيار الوطني الحر
Authorities delay gold sale after 7 years of deposit repatriation
It has been over seven years since the start of the process of addressing bankruptcy in the Lebanese financial sector. Currently, the focus is on the "gap law" or financial restructuring law, which determines how losses are shared and relies on insufficient resources to cover depositors’ funds. Those in power are handling the issue in an unclear manner, and discussions continue to be unresolved regarding the distribution of losses and the necessary steps to resolve the crisis. Selling gold is now being considered as a means to cover part of the deposits, while debates persist over amending banking laws and the ownership rights of shareholders. There has been limited coordination with the International Monetary Fund, which insists on excluding major shareholders from participating in bank recapitalizations as a form of punishment. The situation reflects ongoing financial deterioration and a lack of a clear vision to rebuild the Lebanese financial sector, amid significant risks to the country’s financial and social stability.
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