The possibility of Lebanese depositors soon gaining access up to $93 billion stuck in the country's banks is slim to none, financial analysts say, despite assurances from the Lebanese economy minister.
“The return of depositors’ funds will be extremely complicated and politically charged,” Walid Abousleiman, co-founder of Cyprus-based financial services company Aksys Global Markets, told The National.
“Despite repeated promises, there’s no credible or comprehensive financial recovery plan in place, especially one backed by solid legislation and international support. Without such a plan, I don’t see a full return of deposits happening anytime soon.”
On Monday, Economy Minister Amer Bisat said depositors will receive their funds "over time" as part of an overhaul of the Lebanese financial system. The state, central bank and lenders in the country will share the burden of repairing the crisis-stricken economy, he told Bloomberg TV in an interview.
“Depositor protection is an extremely important part of the objectives that we have in place. That may require instruments, that may require delays, or some time passage in order to pay, but the idea is that nobody would lose their deposits. But it may take time,” said Mr Bisat.
Customers have been waiting to access their life savings stuck in banks for the past six years, as the country endures a severe financial crisis.
Lebanese banks imposed arbitrary restrictions on their clients in 2019 after the state failed to honour its bond commitments and the economy went into a tailspin. The Covid-19 pandemic exacerbated the economic crisis to historic proportions.
Withdrawal limits
The economic collapse was blamed on decades of financial mismanagement and corruption by Lebanon's ruling elite. Former central bank governor Riad Salameh has also been accused of helping to embezzle hundreds of millions of dollars from the central bank.
Currently, there are strict withdrawal limits and most customers can only access up to $500 a month. The limit is at $250 a month for certain newer accounts. Annual withdrawal ceilings range from $5,100 to $6,800, depending on when the account was enrolled.
Lump-sum withdrawals of full balances are not permitted, and exceeding the monthly or annual limit can result in suspension of withdrawal rights altogether.
Political will
Analysts say a transparent restructuring of the banking sector, as well as a clear assessment of losses and international assistance, is required before a phased repayment for depositors can begin.
The political will to resolve the crisis and the injection of capital into the banking system, with the support of international creditors, is a must for the process to even begin, they added.
In April 2022, Lebanon reached a staff-level agreement with the International Monetary Fund on a comprehensive economic reform programme supported by a 46-month extended fund facility, proposing access to about $3 billion. However, Lebanese authorities have been accused of dragging their feet on the required reforms.
"There is no resolution of frozen access to customer deposits without a major injection of capital into the banking system and that goes back to the government's ability to persuade international creditors that it is prepared to commit to and implementing long-delayed necessary structural and, for some, painful economic and governance reform,” said Hasnain Malik, head of emerging and frontier markets equity strategy at Tellimer.
“What will never be made is the loss of livelihoods and wealth for depositors who have been without access for years and will never be able to dollarise their deposits at the currency exchange rate before they lost access."
Lebanon's currency has lost more than 90 per cent of its value since the financial crisis began in 2019, hitting the economy hard.
Value of deposits
The total value of frozen depositors’ funds in Lebanese banks as of early 2025 is estimated between $86 billion to $93 billion, spread across approximately 1.26 million accounts, according to Hassan Fawaz, chairman and founder of the international brokerage house of GivTrade.
Most small accounts have already been partially settled, with the remaining frozen funds largely held in medium and large accounts.
“The financial gap between what banks owe and their available assets is around $80 billion, making the full return of deposits a major challenge and dependent on comprehensive financial and political reforms, he said.
The government appears to be taking concrete steps towards reform, including passing banking secrecy amendments and a banking restructuring law but the "implementation of these reforms, the burden-sharing negotiations among stakeholders, and the actual mechanisms for returning deposits will likely require years of sustained effort", he added.
Real action
Meanwhile, customers whose money remains stuck in banks are demanding "real action" from the country's new leadership to ensure the return of their hard-earned savings.
“We hope to get our money back, but I think by the time that happens, it will have lost most of its value – it already has,” said Arze Chalfoun, 55, owner of a photography studio. “What really matters now is restoring trust in the banking system. We have faith in the new leadership, but we need to see real action.”
The election this year of Joseph Aoun as president and the appointment of Nawaf Salam as prime minister were widely seen as a turning point after years of political paralysis.
Their rise to power revived hopes for long-overdue institutional and economic overhaul. Lebanon’s new leadership has pledged to tackle the country’s deep-rooted financial collapse, which was compounded by a year-long war between Israel and the Lebanese armed group Hezbollah.
Banking system restructuring
A cornerstone of the government’s recovery plan is the restructuring of the banking sector – a key requirement set by the IMF for unlocking billions in financial assistance. The appointment of a new central bank governor in March has further signalled a commitment to rebuilding monetary credibility, amid urgent calls to stabilise the currency and address depositors’ frozen funds.
While international donors have expressed cautious encouragement, much hinges on the government's ability to translate promises into tangible steps and restore public trust in state institutions.
"Years of mismanagement and corruption led us to where we are today – we need to address the root causes before people can expect to get their funds back,” Elie Fayad, a 32-year-old Lebanese banker told The National. “Reforms must be implemented, starting with passing the bank secrecy law.”
Last week, the Lebanese government approved a draft law to reform and restructure the country’s banking sector, marking a significant step towards addressing the financial crisis. Lebanon’s Finance Minister Yassine Jaber said that he expects banking secrecy law to be passed in parliament within days. Some Lebanese officials have accused former Central Bank Governor Salameh of using bank secrecy laws to justify withholding information.
The legislative push came shortly after a visit by the US deputy special envoy to the Middle East, Morgan Ortagus, who stressed the urgent need for Lebanon to pass key financial laws to restore confidence in the banking sector and curb illicit financial flows.
Lebanese ministers, along with the new central bank chief, are expected to attend the IMF and World Bank spring meetings in Washington next week.
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Meydan racecard:
6.30pm: Al Maktoum Challenge Round 2 (PA) Group 1 | US$75,000 (Dirt) | 2,200 metres
7.05pm: UAE 1000 Guineas (TB) Listed | $250,000 (D) | 1,600m
7.40pm: Meydan Classic Trial (TB) Conditions | $100,000 (Turf) | 1,400m
8.15pm: Al Shindagha Sprint (TB) Group 3 | $200,000 (D) | 1,200m
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
10pm: Handicap (TB) | $135,000 (T) | 1,600m
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Company%20Profile
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
Coal Black Mornings
Brett Anderson
Little Brown Book Group
