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.

Reaf the Full Article at the Daily Star: https://bit.ly/2Ufvepg

Source: The Daily Star