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How Lebanese banks can restore customers’ confidence

Amid reports that the Lebanese government plans to merge and liquidate some banks, citizens are concerned about their deposits while the economic situation continues to deteriorate.

BEIRUT — There have been widespread reports recently about the Lebanese government’s desire to restructure the banking sector. Minister of Finance Ghazi Wazni said May 15, “The government is seeking to reduce the number of banks in Lebanon — currently amounting to 49 banks — by around 50%.”

Wazni’s comments came as the country entered into negotiations with the International Monetary Fund (IMF) to secure financial aid in the form of loans in return for economic reforms that Lebanon is expected to enact.

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