Author: Don Obrien

Lebanon’s PM Mikati says financial recovery plan will have fair losses distribution – local televison

Lebanon’s Prime Minister-Designate Najib Mikati arrives to meet with Lebanon’s president Michel Aoun at the presidential palace in Baabda, Lebanon September 10, 2021. REUTERS/Mohamed Azakir

BEIRUT, Sept 27 (Reuters) – Lebanon’s Prime Minister Najib Mikati said on Monday the financial recovery plan to be drawn up by his cabinet will include a fair distribution of losses suffered by the financial system.

In an interview with local television LBCI, Mikati also said the rights of small depositors would be protected.

“The inclination is definitely to protect the small depositors who have between $50,000 to $70,000 accounts, and these will take their money in dollars for sure,” Mikati said.

Lebanese have been largely locked out of their dollar deposits for almost two years, forced to withdraw in local currency at a rate with a haircut of almost 80%.

Reporting By Maha El Dahan and Laila Bassam
Editing by Chizu Nomiyama

Our Standards: The Thomson Reuters Trust Principles.

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