Lebanon's commercial banks do not have enough liquidity to pay back depositors, the secretary general of the country's banking association said on Wednesday in a letter that laid out the banks' positions.
The letter was signed by the Association of the Banks of Lebanon 's Fadi Khalaf and served as the introduction to the ABL's monthly report. Khalaf said it represented his "opinion and personal analysis".
The letter said commercial banks had approximately $86.6 billion deposited at Lebanon's Central Bank as of mid-February, and a net negative position with correspondent banks of $204 million as of Jan. 31, 2023.Lebanon has been in the throes of a financial meltdown that has cost the local currency more than 98% of its value and pushed more than 80% of the population below the poverty line.
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