Lebanon's Central Bank announces opening of 'Deposit Recovery Account'

Lebanon's central bank said in a statement on Thursday that it has opened a special and independent account called the 'Deposit Recovery Account,' to which all funds recovered in its favor by judicial rulings, legal settlements, or other measures in Lebanon or abroad are transferred exclusively. It stressed that the account is financially and accounting-wise separate from all its other assets and resources and is prohibited from being used for any other purpose, emphasizing that recovering the funds is part of an institutional commitment to restore rights to their owners and enhance confidence in the Lebanese financial system.