Syria's Assad says billions locked in troubled Lebanese banks behind economic crisis

[المستشار الصحفى]

Syrian President Bashar al Assad said billions of dollars of deposits held by his countrymen in Lebanon’s financial sector that was blocked after a major financial crisis were the main cause of Syria’s deepening economic crisis, Reuters reports. Lebanese banks, fearing capital flight and grappling with an acute hard currency crunch, have since last year imposed tight controls on withdrawals and transfers abroad, drawing outrage from local and foreign depositors unable to access their savings. Assad said anywhere from $20 billion to $42 billion of Syrian deposits could have been lost in the once vibrant banking sector that held over $170 billion in foreign currency deposits. “This figure for an economy like Syria is terrifying,” he said “It’s the money […]

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