Lebanon Central Bank Sets Up Committee to Restructure Banks

Lebanon’s central bank has set up a committee to restructure financially stricken commercial banks and study their performance, according to a memo by the bank seen by Reuters on Thursday, Reuters reported. The panel will also propose measures to preserve the soundness of the banking sector, the memo said. Lebanese banks are poised for a major shake-out after the country plunged into a financial crisis last October that has ballooned prices, slashed jobs, and brought on capital controls that have frozen people out of their dollar savings. A government rescue plan that has served as the cornerstone of talks with the International Monetary Fund to help Lebanon out of its financial crisis maps out massive losses in the financial system. Read more

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