Salameh: Lebanese Households Hoard $10 Billion Cash

  • Economics
Salameh: Lebanese Households Hoard $10 Billion Cash

Central Bank Governor Riad Salameh said Monday that BDL was preparing plans to launch digital currency in 2021, adding that around $10 billion in cash were kept in Lebanese households.

“As for the money supply in the Lebanese market, it is estimated that there are $10 billion stored inside homes, which requires setting up a new regulatory mechanism to restore confidence in banks, including preparing a Lebanese digital currency project, during the year 2021, that will help implement the cashless system, which allows moving the money market, locally and abroad,” Salameh told the Lebanese Depositors Association.

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Source: The Daily Star