Kanaan Slams State, BDL over Decree 151 Extension

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The head of the finance parliamentary committee, MP Ibrahim Kanaan, on Thursday said that the central bank’s decision to extend the implementation of Decree 151 is an attempt to “anesthetize the depositors.”

“It is unacceptable to continue the game of winning time, seeing as Decree 151 was issued more than a year and a half ago, when the dollar exchange rate was around LBP 7,000. The dollar exchange rate reached LBP 24,000 and depositors continued to withdraw their money at the LBP 3,900 rate, which amounts to an 85% veiled haircut,” Kanaan added.

“The Banque du Liban (BDL) is still extending this situation,” he lamented.

Noting that the bank has only offered “general answers” and cited “possible inflation” in response to the committee’s questions, Kanaan dismissed BDL’s response as “nonscientific.”

“This indicates that the state and the central bank have an intention to liquidate their losses at the expense of depositors. Postponement is anesthetization,” he added.

SourceNaharnet
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