Lebanon vows to implement banking sanctions on Syria

Published January 25th, 2012 - 10:06 GMT

Lebanese central bank governor Riad Salameh announced yesterday (Tuesday) that Lebanon’s banking sector will implement international sanctions against neighbor Syria.  This remarks a reversal of attitude for the Mediterranean state, which has generally avoided taking a stance on the Syrian crisis lest it spill over into Lebanon.
Lebanon seems to have been convinced that its own economy might be at risk if it did not impose sanctions.  “Lebanese banks both at home and abroad... will not take any action, especially as concerns Syria, that could expose any of our banking partners or put them in a position whereby they have breached regulations in their countries,” said Salameh.  “Growth in 2011 dropped due primarily to... rumors targeting its banking sector in addition to revolutions and tensions across the region,” he added.
According to Salameh, Syria has no funds deposited in Lebanon’s central bank.  The central bank will investigate all complaints regarding breaches of the sanctions and take all necessary measures. (Source: english.nuqudy.com)

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