BEIRUT, Dec. 27 (Xinhua) -- Joseph Torbey, chairman of the World Union of Arab Bankers, said on Friday that deposits in Lebanese banks are safe despite difficulties to access them for the time being, local news agency Lebanon Debate reported.
"The government is adopting a law to increase the ceiling on insured bank deposits and this will cover most deposits in Lebanon," Torbey said.
Torbey's remarks come as Lebanon has lately witnessed a decline in cash injections in parallel to an outflow of deposits leading to a drop in central bank's foreign currency reserves.
This has prompted Banque Du Liban to restrict its spending of U.S. dollar currency, creating panic among the Lebanese who flocked to the banks to withdraw their money and store them in their houses out of fear of losing their money, since banks hold most of the government's public debt.
