Wednesday , October 5 2022

The Bank's negotiating mechanism is sufficient to resolve sanctions against Hezbollah


Riad Salameh, central bank governor of Lebanon (CBB), said on Wednesday he is convinced that the mechanism used by banks is enough to address what can be considered as a result of US sanctions against Iran and Hezbollah.

"In 2015, Lebanon's seizures were affected by sanctions," Salama said in the Turkish news agency Anatolia following the opening of the 2018 "compliance day" in Beirut.

Salama added that the bank has developed its financial regulations and laws that protect the banking sector not only by strengthening Lebanese banks' relationships with correspondent banks (foreign banks dealing with remittances and payment systems with local banks).

Governor Banque du Liban stressed that "current financial laws are reasonable and do not require us to approve other procedures or laws. Lebanese banks are committed to the laws of the countries they work with."

Libanonian Lebanese Pound Leader pointed out that it is stable and that Lebanon's capabilities give more control over the markets.

The Bank of Lebanon has a high foreign property that protects its currency against any fluctuations as well as gold reserves of more than 280 tons, according to the World Gold Council.

At the end of October, US President Donald Trump announced new sanctions against Hezbollah and focused on the people, institutions and governments that support Hezbollah. On Monday (November 5th), Washington also launched a package of sanctions against Iran, fearing it would overshadow Lebanon over Hezbollah.

Washington accused Hezbollah of "conducting a series of attacks on facilities abroad for Tehran, including a suicide attack against the US Embassy in Beirut in April 1983.

Source: Anatolia Agency

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