Lebanon's Economic Bodies head Nicolas Chammas to LBCI: Confidence in banks renewed

The Secretary-General of Lebanon’s Economic Bodies, Nicolas Chammas, announced that the value of “fresh” U.S. dollar deposits in Lebanese banks has reached $4.4 billion as of June 2025, signaling what he described as the beginning of renewed confidence in the banking sector and the gradual return of lending.

Speaking to LBCI’s “Nharkom Said,” Chammas said the increase reflects a positive shift in depositors’ sentiment toward the financial system. 

However, he criticized the International Monetary Fund (IMF) for what he called “interference” in issues outside its core mandate, such as the banking structure and depositors’ affairs, instead of focusing on matters like Lebanon’s Eurobond file.

“The IMF has too many endless requirements and comments,” he said, adding that its approach has at times hindered progress on key reforms.

Chammas also warned of the growing informal economy, saying that “illegal economic activity has created fertile ground for a black economy,” undermining state revenues and regulatory oversight.

He concluded by stressing the need to restore state authority and legitimacy, saying, “Everyone must be convinced that there is no alternative to a legitimate government. Without building a state, there can be no nation.”