Commenting on the decision of the State Shura Council: The Depositors’ Union confirms that according to the law any deposit must be returned as-is

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01/06/2021

To add to the decision issued by the Council on 31/5/2021 which stipulated the cessation of paying deposits in Lebanese Pounds at the rate of 3900 to the dollar, the Union of Depositors would like to emphasize the following:

1- First of all, the Union commends the decision of the State Shura Council to re-impose the rule of law at a time when jurisprudence that is alien to legal logic is being issued to protect the authority of the banks.

2- Secondly, the Union points out that the importance of this decision lies in its confirmation of the illegality of setting the exchange rate at 3900 LBPs to the dollar, based on the machinations of the Governor of the Central Bank.
His deeds flouted the law guaranteeing the return of deposits as is. The previously mentioned decision by the Council recalibrates the compass by rejecting the circulars and solutions of the Governor who had auto-proclaimed himself in lieu of the legislative and judicial authorities. He has acted as if he was the sole arbitrator as regards money matters in the country.

The above decision certainly confirms that the Central Bank has set the exchange rate in an illegal way and that it is a gambit to further loot depositors’ money and wipe out what remains.

Depositors who have withdrawn deposits at the rate of 3900 LBPs to the dollar have the right to claim compensation and the Depositors’ Union stands ready to provide the necessary legal support for this.

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