For his part, the Minister of the Interior, Bassam Mawlaw, branded the assaults on the branches as “organized” acts. Also, the Association of Banks has demanded that “take the necessary measures” in order for citizens and workers to have the necessary security and to “preserve the rights of depositors”.
Inflation
The consumer price index in Lebanon registered an increase of 161% in the interannual rate in August, seven percentage points less than in July, despite the fact that gas, electricity and fuels rose by 394%, reported the Central Administration of Country statistics.
The chapter that includes energy, gasoline and other fuels registered last month an increase of 394% compared to the same period of the previous year and transport one of 294%.
This, despite the fact that the effects of the total elimination of the fuel subsidy by the Lebanese Central Bank, which became effective last week despite the serious economic crisis that the Mediterranean nation is going through, are not yet noticeable.
Since October 2019, Lebanon has suffered the worst economic crisis in its history and, according to the World Bank, one of the ten worst in the world in more than a century and a half. Almost 80% of the population lives in poverty, the state is unable to provide electricity for more than a few hours a day to the population, and there are often periods of shortage of basic products such as wheat and fuel.
The role of the IMF
The Lebanese government, in the midst of this economic crisis, announced that it will apply the reforms demanded by the International Monetary Fund (IMF) in exchange for a financial rescue if there is “the political will” to do so, the finance minister declared on Tuesday.
Acting Minister Amin Salam spoke to The Associated Press after meeting with an IMF delegation that has been in the country since Monday. The reforms iThey include restructuring the banking system and changing laws on secret bank accounts.
Source: Ambito
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