Lebanon central bank asks banks to recapitalise

Lebanon's central bank issued a circular on Thursday asking banks to recapitalise as part of reviving the banking sector which has been badly hit by the financial meltdown. The circular said banks must urge depositors who transferred more than $500,000 abroad as of July 1, 2017 to deposit funds in a special account in Lebanon frozen for five years and equivalent to 15% of the transferred amount in order to boost liquidity.

The circular applies to bank heads, large stakeholders and politically exposed persons.