Salameh: Lebanese Households Hoard $10 Billion Cash

  • Economics
Salameh: Lebanese Households Hoard $10 Billion Cash

The meeting touched on the causes of the crises facing Lebanon, the adopted monetary policy, the means of treating the financial and economic system, and the conditions for it to be remedied by implementing fundamental political reforms.

Central Bank Governor Riad Salameh said Monday that BDL was preparing plans to launch digital currency in 2021, adding that around $10 billion in cash were kept in Lebanese households.

“As for the money supply in the Lebanese market, it is estimated that there are $10 billion stored inside homes, which requires setting up a new regulatory mechanism to restore confidence in banks, including preparing a Lebanese digital currency project, during the year 2021, that will help implement the cashless system, which allows moving the money market, locally and abroad,” Salameh told the Lebanese Depositors Association.

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Source: The Daily Star