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Samir al-Daher to LBCI: The fragility in Lebanon is the economy dollarization

2022-03-19 | 03:50

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Samir al-Daher to LBCI: The fragility in Lebanon is the economy dollarization

Prime Minister Najib Mikati’s economic advisor Samir al-Daher described on Saturday during an interview with Nharkom Said TV show on LBCI the banking crisis as a sector-wide crisis, noting that the breakdown of the banking sector “resulted in the loss of shareholders' rights.”

“The existing amount of depositors' money is 103 billion US dollars,” he indicated, explaining that “a major part of them is not in banks, and there are 86 billion US dollars in the Banque du Liban.”

He also stated that “a country that deals in its currency can provide liquidity, but the fragility in Lebanon is the dollarization of the economy," emphasizing that everyone is to blame for the financial crisis’ reality.

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