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The Central Bank fails to recover Yemeni deposits from Lebanon's banks

English - Sunday 06 June 2021 الساعة 10:22 am

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Aden, NewsYemen:

 The Governor of the Central Bank of Lebanon, Riad Salameh, promised to put pressure on Lebanese banks in order to release part of the Yemeni banks' withheld funds and to schedule the remaining amounts.

This came during a meeting of the Lebanese official, in Beirut, with the delegation of the Central Bank of Yemen and Yemeni banks, according to the Yemeni news agency "Saba".

The Governor of the  Bank of Lebanon, gave the Central Bank of Yemen delegation a "promise to pressure Lebanese banks to release part of the Yemeni banks' funds withheld by them", without a clear commitment to addressing this file.

The value of these deposits is estimated at about $300 million in Lebanese banks, the bulk of which is in one Lebanese bank.

The Yemeni ambassador in Beirut, Abdullah Al-Deais, had called on the Governor of the Banque du Liban to intervene in order to release the Yemeni funds, as they are intended to cover the purchase of basic commodities, and that delaying the payment of benefits has significant financial and legal consequences.

In August 2020, the Governor of the Central Bank of Yemen, Ahmed Obaid Al-Fadhli, submitted an official letter to the Governor of the Banque du Liban, Riad Salameh, regarding the outstanding balances of Yemeni banks with Lebanese banks.

Al-Fadhli said that the balances of the Central Bank of Yemen belong to obligations arising from covered documentary credits from the Saudi deposit, and to date, no solution has been found for the fate of these frozen deposits in Lebanese banks.

He said, "The damage caused by the failure to release these deposits is exacerbating every day for Yemeni banks and merchants as a result of the continuing crisis."