BEIRUT: Lebanese banks Tuesday agreed to lift certain restrictions imposed last year to stem a crippling liquidity crisis, the National News Agency said.
Lebanon is grappling with its worst economic crisis in decades, as well as widespread public discontent with the political class since October.
Since September, banks have increasingly been imposing limits on withdrawals of both dollars and Lebanese pounds, as well as transfers abroad.
At a meeting between prosecutors and bank representatives Tuesday, both sides agreed to new rules, NNA said.
These include lenders allowing depositors to withdraw up to 25 million Lebanese pounds a month (around $16,500 under the official exchange rate).
Other measures include allowing transfers abroad in hard currency for education fees, medical bills, tax purposes, “and everything else necessary,” NNA said.
Banks would not be allowed to withhold any part of money freshly transferred into a Lebanese account.
There was, however, no mention of an easing of caps on withdrawals from dollar accounts, which have been squeezed down to just $100 a week at some banks.
A judicial source said discussions were ongoing with the central bank over relaxing those limits.
Last week, a prosecutor attempted to impose an asset freeze on lenders in an apparent bid to pressure them, but that order was suspended within hours.
Earlier in the week, the prosecutor separately called in 15 banks over an alleged more than 2 billion dollars in capital flight late last year.
Lebanon is facing its worst economic crisis since its 1975-1990 civil war.
The value of the Lebanese pound has plummeted by more than a third on the black market, prices have risen, and many businesses have been forced to close.
The Mediterranean country, one of the most indebted in the world, this weekend announced its first default on a $1.2 billion Eurobond that matured on March 9.
Lebanon banks agree to ease some curbs on cash-starved depositors
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Lebanon banks agree to ease some curbs on cash-starved depositors
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
