Acting Banque du Liban Governor Wassim Mansouri stated that “there will be no currency printing to fund the state, nor will there be any issuance of treasury bonds”, stressing that state funding in dollars is out of the question.

“Public sector’s salaries will be paid in dollars this month,” he noted.

"For me, the top priority is monetary stability, and this stability is closely tied to measures that cannot be prolonged indefinitely unless they are accompanied by reforms,” Mansouri added.

Mansouri‘s words came during a participatory meeting with the Economic and Social Council.

"The state will not be able to return depositors’ money before restructuring the banks," he noted.

He believed that it is necessary to relaunch the banking sector by restoring depositor confidence.

“This is not long-term stability, rather a short-term one, and if a president is not elected, economic situation will continue to deteriorate," he added.

“We are freezing the financial and monetary situation while awaiting solutions to be found as the citizens can no longer withstand this deteriorated situation,” he concluded.