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Lebanon
Banque du Liban clarified, in response to reports circulating in some newspapers, that it has no objective — nor does its Governor — other than achieving a set of firm priorities: maintaining monetary stability under all circumstances, working to return depositors' funds in accordance with the mechanisms of the Financial Recovery Law, restoring the health of the banking sector as a prerequisite for economic growth, and strengthening public finances — including national currency stability — to enable the state to meet all its obligations to citizens and public sector employees.
The bank affirmed in a statement that it is "bound by and committed to a single agenda: safeguarding monetary stability," and that it has consistently worked diligently with relevant ministries — particularly the Ministry of Finance — and all actors in the financial sector to ensure a continuous flow of hard currency into the country and maintain national currency exchange rate stability, within rules and frameworks that do not compromise the bank's disciplined policy of protecting funds allocated for depositors and the state, ensuring a sound balance between the two.
The statement noted that the bank operates exclusively "within the framework of the law, in coordination with the government, and in cooperation with the Ministry of Finance to ensure the regularity of fiscal and monetary policies," and that in this sensitive phase it is keen to reaffirm its full commitment to the letter of applicable regulations and its duties explicitly set out in Article 70 of the Money and Credit Law, foremost among which is "safeguarding the integrity of the Lebanese currency."
It added: "It remains self-evident to affirm that the political stability the government is working toward is the foundation of any economic stability, and that progress on this front is the decisive factor in restoring confidence, enhancing the effectiveness of monetary policies, stabilizing the national economy, and enabling recovery in both the public and private sectors."
