BEIRUT, June 8 (Xinhua) -- The Central Bank of Lebanon issued on Tuesday a circular ordering all commercial banks to gradually unlock people's frozen deposits that were active before October 2019.
In a statement, the Banque Du Liban (BDL) said banks shall pay 800 U.S. dollars monthly to depositors from their accounts in banks.
The BDL said that 400 U.S. dollars shall be paid to depositors in cash or they can be withdrawn by depositors through their bank cards. The other 400 U.S. dollars should be given to depositors in Lebanese pounds (LBP) at the price of 12,000 LBP which is close to the U.S. dollar price in the black market.
According to the central bank's circular, banks are obliged to comply with the decision or they may face penalties in accordance to the Money and Credit Law.
Deposits in Lebanese banks have been frozen for over a year given the shortage in U.S. currency reserves in the country.
The inability of depositors to access their money in banks and the collapse of the Lebanese pound plunged thousands of people into poverty amid an unprecedented increase in prices and the rise in unemployment. Enditem
