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Riad Salameh lets Lebanese civil servants withdraw their salaries

Central Bank Governor Riad Salameh issued Monday a decree that allows public sector workers to withdraw their entire salaries from the banks, with no restrictions.

The statement said that all banks must secure the needed liquidity to allow public sector workers to withdraw their entire monthly salaries, additional compensations, social assistance, and payments from their solidarity funds.

No restrictions will be imposed on the withdrawals.

"Banks are not allowed to set ceilings for cash withdrawals, nor to divide the salaries into several payments," the statement said.

Banks also won't be allowed to impose any commissions on cash withdrawals.

The Banking Control Commission will make sure the banks are complying with the resolution, and measures will be taken against the non-compliant banks, the central bank said.

Source: Naharnet.com

 
Written by The Levant