Comments on Lebanon’s “rescue plan” in Reuters, 2 Feb 2022

3 February, 2022
read < 1 minute

Dr. Nasser Saidi’s comments appeared in the Reuters article titled “Analysis: Lebanon’s savers to bear burden under new rescue plan“, published 2nd February 2022.

Comments are posted below:

Lebanon’s pound has lost more than 90% of its value since the crisis erupted in 2019. Of those deposits, $16 billion will lose 75% of their value and $35 billion will lose 40%.

“It is an effective nationalisation of deposits,” said Nasser Saidi, a former economy minister and central bank vice governor, blaming the central bank for racking up “massive balance sheet losses” to defend an over-valued currency.

“If accepted by parliament, it would be the kiss of death for a near-zombie banking system and will doom Lebanon, its economy and people to prolonged misery and lost decades,” he said of the latest plan.

Read Next

media page

“Will the global economy escape recession?” Dr. Saidi on CNN Business Arabia’s podcast, Jan 2023

Dr. Nasser Saidi’s was interviewed by CNN Business Arabia ahead of its launch in

18 January, 2023

Media comments & quotes

Comments on Lebanon’s sharply falling tax revenues in L’Orient Today, 5 Jan 2023

Dr. Nasser Saidi’s comments on Lebanon’s sharply falling tax revenues were published in L’Orient Today,

6 January, 2023

Media comments & quotes

Comments on Inflation in Syria and the collapsing pound in Associated Press, 5 Jan 2023

Dr. Nasser Saidi’s comments on inflation in Syria and the collapsing pound were part of

6 January, 2023