Assad accuses Lebanon’s banking system of losing millions of dollars from Syrian deposits

Syrian President Bashar al Assad blamed the existing constraints on Lebanese banking systems, which caused many Syrians to lose access to their money deposited in them. Fresh sanctions have been slapped by the US government against Assad’s dictatorial rule in Syria, which has been facing political and economic crises for years.

Speaking at a state media trade show, Assad said his countrymen lost somewhere between $20 billion and $42 billion of their deposits in Lebanon ‘s banks, which had a thriving banking sector at one point and held more than $170 billion in deposits in foreign currencies.

The collapsing Lebanese economy had a ripple effect on Syria, but new restrictions and sanctions exacerbated the effects on Damascus. Syrian businessmen used the money deposited in the Lebanese bank to import various goods into Syria, ranging from oil to essential necessities, which were otherwise prohibited.

The President of Syria told reporters, “This number is frightening for an economy like Syria …” It’s the money they put into the Lebanese banks, and we paid the price, which is the heart of the issue that nobody talks about. “Before the Caesar Act and years after long-imposed Western sanctions, the crisis began … It’s the capital that’s been missing (in Lebanese banks),’ added Assad.

Last month, Lebanese banks suspended Syrian accounts linked to Assad ‘s regime in order to avoid inviting outrage from the US, which imposed the most serious sanctions on Syria at the end of the day. In response to the war crimes carried out by Assad ‘s regime against the Syrian population, the US put the Caesar Act on the Syrian government on June 17.

Joel Rayburn, US Deputy Assistant Secretary of State for Levant Affairs and Special Envoy for Syria, cautioned Lebanon against assisting Syrians in monetary transactions , especially those close to and benefiting from Assad ‘s rule. In the forecast of new sanctions, Rayburn threatened that Washington might also roll into Beirut if the latter helped Assad’s Syria and breached the terms of the act.




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Akshay Prasad

Akshay Prasad

Writer. Speaker. Entrepreneur I am a diarist and write story to reflect my thoughts.

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