Lebanon: Banks Allow Withdrawal of Small Deposits

Lebanon’s central bank is seen closed under a national lockdown imposed to contain the spread of coronavirus, in Beirut, Lebanon March 17, 2020. REUTERS/Mohamed Azakir
Lebanon’s central bank is seen closed under a national lockdown imposed to contain the spread of coronavirus, in Beirut, Lebanon March 17, 2020. REUTERS/Mohamed Azakir
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Lebanon: Banks Allow Withdrawal of Small Deposits

Lebanon’s central bank is seen closed under a national lockdown imposed to contain the spread of coronavirus, in Beirut, Lebanon March 17, 2020. REUTERS/Mohamed Azakir
Lebanon’s central bank is seen closed under a national lockdown imposed to contain the spread of coronavirus, in Beirut, Lebanon March 17, 2020. REUTERS/Mohamed Azakir

In an attempt to avoid further escalation by Hezbollah, Lebanese banks have agreed with the Lebanese central bank to allow small depositors with dollar denominated accounts to withdraw their money in local currency.

Based on a circular issued by the central bank last week, the holders of accounts worth $3,000 or less will be able to withdraw their money in Lebanese pounds at the market rate, which is more than 50% higher than the official rate.

Speaker Nabih Berri received Central Bank Governor Riad Salameh on Tuesday, with whom he discussed the recent financial and monetary measures and the means to secure the money of small depositors.

Berri reaffirmed the need to deal with the “people’s banks deposits as sanctities that cannot be disposed of under any circumstances.”

The central bank's decision came a few days after a warning by Hezbollah. In a televised speech, the party's Secretary General, Hassan Nasrallah, said: “You are able to address the conditions of small depositors and students abroad, and this matter can no longer be tolerated.”

In remarks to Asharq Al-Awsat, well-informed sources said that Nasrallah’s rhetoric has pushed the banks to ease restrictions on withdrawals, “as the priority now was to provide the people with their money rather than searching for aid, especially in these difficult circumstances.”

“The party would have adopted greater escalatory steps if banks had not responded,” the sources underlined.

Banking sources told Asharq Al-Awsat that there were around 1.7 million accounts of less than $3,000. The total deposits of those accounts reach around $796 million, while the number of accounts, in which the value of deposits ranges between $3,000-20,000 is around 451,000, encompassing a total value of $4.2 billion.



Lebanon’s PM Visits Syrian President to Discuss Border Demarcation and Security

Lebanese Prime Minister Nawaf Salam meets with Syrian President Ahmed al-Sharaa in Damascus, Syria April 14, 2025. (Dalati & Nohra/Handout via Reuters)
Lebanese Prime Minister Nawaf Salam meets with Syrian President Ahmed al-Sharaa in Damascus, Syria April 14, 2025. (Dalati & Nohra/Handout via Reuters)
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Lebanon’s PM Visits Syrian President to Discuss Border Demarcation and Security

Lebanese Prime Minister Nawaf Salam meets with Syrian President Ahmed al-Sharaa in Damascus, Syria April 14, 2025. (Dalati & Nohra/Handout via Reuters)
Lebanese Prime Minister Nawaf Salam meets with Syrian President Ahmed al-Sharaa in Damascus, Syria April 14, 2025. (Dalati & Nohra/Handout via Reuters)

Lebanese Prime Minister Nawaf Salam led a high-level ministerial delegation to Syria on Monday for talks with Syrian President Ahmed al-Sharaa, marking the most significant diplomatic visit between the two countries since the fall of Bashar al-Assad’s government in December.

"My visit to Damascus today aims to open a new page in the history of relations between the two countries, based on mutual respect, restoring trust, good neighborliness," Salam said in a statement on X.

At the center of discussions was implementing a March 28 agreement signed in Saudi Arabia by the Syrian and Lebanese defense ministers to demarcate land and sea borders and improve coordination on border security issues, Salam said in the statement.

The Lebanese-Syrian border witnessed deadly clashes earlier this year and years of unrest in the frontier regions, which have been plagued by weapons and illicit drug smuggling through illegal crossings.

During Monday’s meeting, Salam and Sharaa agreed to form a joint ministerial committee to oversee the implementation of the border agreement, close illegal crossings and suppress smuggling activity along the border.

The border area, especially near Lebanon’s Bekaa Valley and Syria’s Qusayr region, has long been a corridor for illicit trade, arms trafficking, and the movement of fighters — including Hezbollah fighters who backed the Assad government during Syria’s 14-year civil war.

Hezbollah has been significantly weakened in its recent war with Israel and since Assad's ousting, it lost several key smuggling routes it once relied on for weapons transfers.

Lebanon also pressed Syria to provide clarity on the fate of thousands of Lebanese nationals who were forcibly disappeared or imprisoned in Syrian jails in the 1980s and 1990s, during Syria’s nearly 30-year military presence in Lebanon. Human rights groups have long documented the lack of accountability and transparency regarding these cases, with families of the missing holding regular demonstrations in Beirut demanding answers.

Syrian officials for their part raised the issue of Syrian nationals detained in Lebanese prisons, Salam said. Many of the detainees were arrested for illegal entry or alleged involvement in militant activity. Rights advocates in both countries have criticized the lack of due process in many of these cases and the poor conditions inside detention facilities.

Lebanon pledged to hand over people implicated in crimes committed by the Assad government and security forces, many of whom are believed to have fled to Lebanon after the government’s collapse, if found on Lebanese soil, a ministerial source told The Associated Press.

The official spoke on the condition of anonymity because they are not authorized to publicly comment.

In return, Lebanese officials requested the extradition of Syrians wanted in Lebanese courts for high-profile political assassinations, "most notably those involved in the bombing of the Al-Taqwa and Al-Salam mosques, those convicted of assassinating President Bashir Gemayel, and other crimes for which the Assad regime is accused," Salam said.

For decades, Lebanon witnessed a long series of politically motivated assassinations targeting journalists, politicians and security officials, particularly those opposed to Syrian influence. The 2013 twin bombings of the Al-Taqwa and Al-Salam mosques in Tripoli in northern Lebanon killed more than 40 people and intensified sectarian tensions already heightened by the spillover from the Syrian war.

Syria has never officially acknowledged involvement in any of Lebanon’s political assassinations.

Salam said he also pushed for renewed cooperation on the return of Syrian refugees.

Lebanese government officials estimate the country hosts about 1.5 million Syrian refugees, of whom about 755,000 are officially registered with the UN refugee agency, or UNHCR, making it the country with the highest number of refugees per capita in the world.

While Lebanese authorities have long urged the international community to support large-scale repatriation efforts, human rights organizations have cautioned against forced returns, citing ongoing security concerns and a lack of guarantees in Syria.

Since the fall of Assad in December, an estimated 400,000 refugees have returned to Syria from neighboring countries, according to UNHCR, with about half of them coming from Lebanon, but many are hesitant to return because of the dire economic situation and fears of continuing instability in Syria.