Lebanon’s central bank is demanding other banks in the country increase their capital or face a takeover from the government. The order is an attempt by central bank authorities to up the amount of cash in the country’s banks amid fears that people’s savings are at risk.
The central bank's governor, Riad Salameh, said the banks have until February 2021 to raise their capital by 20%, Reuters reported Thursday. The bank issued a series of new regulations Thursday amid the ongoing crisis in the country.