Left Menu
Development News Edition

UPDATE 1-Lebanon c.bank asked banks to review transfers by public servants -circular


UPDATE 1-Lebanon c.bank asked banks to review transfers by public servants -circular
Representative image Image Credit: Flickr

Lebanon's central bank has asked banks to review transfers of funds abroad by politicians and government employees between Oct. 17 and Dec. 31, when anti-government protests led banks to enforce informal capital controls that blocked transfers abroad.

A Jan. 9 circular from the central bank's anti-money-laundering unit asked banks to identify the source of funds deposited in overseas accounts and to report any suspicious activity involving such accounts. The circular, seen by Reuters on Thursday, asked the banks to comply by Jan. 31.

The central bank did not immediately respond to a request for comment. A separate circular dated Jan. 14 from Lebanon's banking control commission asked banks for the dates and sizes of transfers to Switzerland since Oct. 17, without asking for the names of the customers who made the transfers.

Banks should provide the information within a week, it said. Lebanon is mired in a long-brewing economic crisis that snowballed last year as hard currency inflows slowed down, leading to a shortage of dollars needed to finance the state's deficit and import needs.

Seeking to prevent capital flight, banks have been imposing tight controls on access to cash and transfers abroad since the crisis accelerated in October with the onset of the protests. Anger at the banks fuelled violent protests in Beirut on Tuesday during which a number of banks were vandalized.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

SDG13: How you can reduce global warming by changing your food habits

The mega narratives of various international organizations give the impression that fighting global warming is only a job of government agencies. However, the European Investment Bank EIB has designed a questionnaire which besides making th...

SDG2030: Challenges of technological applications in advancing Global Goals

Application of contemporary and future information technologies may go milestones in advancing sustainable development goals SDGs provided the challenges are overcome and implementation is ensured....

Sustainable Fashion: UNDP wants you to wear properly to reduce Global Warming 

The experts have estimated that the amount of water used to prepare one pair of jeans and a T shirt is sufficient for a person to drink for 13 years....

World Economic Forum suggests 8 Education Models for Future Schools

In a report released on January 14, the World Economic Forum WEF has also picked two examples for each model from throughout the world. The WEF has emphasized that these schools systems would be crucial for Forth Industrial Revolution.&#160...

Videos

Latest News

Man beaten up for allegedly trying to kidnap girl from wedding

A man was beaten up after he allegedly tried to kidnap a child from a wedding in West Bengals Malda district, police said on Monday. The incident happened on Sunday night in Englishbazar towns Buroburitola area. Police said they are yet to...

Iran's only female Olympic medallist moving to Germany - coach

Irans only female Olympic medallist Kimia Alizadeh, who has said she had left her homeland because she had had enough of being used as a propaganda tool, is moving to Germany, her Dutch coach said. Alizadeh, who won taekwondo bronze at the ...

BJP will become stronger under the leadership of PM Modi and Nadda, says Amit Shah

Congratulating JP Nadda for getting elected unopposed as BJPs national president, Union Home Minister Amit Shah on Monday said that the party will become stronger under the leadership of Prime Minister Narendra Modi and Nadda. Heartiest con...

UPDATE 2-Lebanon urgently needs new gov't to avoid collapse -Hariri

Lebanon needs to quickly form a new government to stop a cycle of collapse and worsening economic and security conditions, caretaker prime minister Saad al-Hariri tweeted on Monday.Politicians have failed to agree on a government or an econ...

Give Feedback