Lebanon Businessnews News

Industrialists are demanding
unambiguous monetary policies
Gemayel: Banks have contributed

to the loss of confidence

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The Association of Industrialists (ALI) is pressing banks to comply with the latest directives of the Central Bank (BDL). “Banking measures have caused unprecedented panic among consumers and the market, as well as in the industrial sector which largely depends on imported raw materials,” said Fady Gemayel, Chairman of ALI.

“Banks were too hasty in blocking bank transfers abroad. They gave no prior warning,” he said.

ALI issued a statement asking BDL and the banks to set up a mechanism for regular exchanges and clear monetary policies. “Otherwise basic products will be missing from the market due to the inability to secure the necessary raw materials for the industrial sector,” the statement read.

“The banks have contributed to the loss of confidence in the industrial sector, which it has built over the years with international traders,” said Gemayel.

ALI said that the industrial sector is facing challenges and the failure to implement the measures set by BDL will force many factories to close in one month at the latest. This could also lead to a severe social crisis that would hit thousands of families, according to ALI.

“A further delay in the formation of a new Cabinet will lead to a total collapse,” said ALI. “Restoring confidence is the most important thing we can do now,” it said.

Reported by Jana Houeis
Date Posted: Nov 12, 2019
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