Safadi Denies Saudi Investors Withdrew Deposits from Banks

Finance Minister Mohammed al-Safadi denied on Saturday that Saudi investors pulled deposits from Lebanese banks.

“The Lebanese banking system guarantees the free movement of capital and confidentiality, therefor, investors have the right to manage their money however they like,” Safadi said.

The minister pointed out that there are no financial, security or political fears that threaten Saudi deposits in Lebanese banks.

“The Saudi kingdom supports political, security and financial stability in Lebanon,” Safadi added.

On Friday, head of the Economic Committees Adnan Kassar denied the rumors that investors have pulled $1 billion of their deposits from Lebanon.

“Media should be careful in reporting accurate, objective and credible news away from any rumors,” he said.

Kassar stressed the importance of preserving the ties between Lebanon and the Gulf states after the Gulf Cooperation Council expressed “great concern” over the government's failure to abide by the Baabda Declaration.

The Baabda Declaration was sponsored by Suleiman and calls for different parties to adhere to the disassociation policy to avoid the spread of the unrest in Syria to Lebanese territories.

Media reports said the deteriorating ties will affect the interests of Lebanon in GCC states including the conditions of around 600,000 expatriates in the Gulf.

Lebanese parties are sharply divided over the crisis in Syria as the March 8 alliance continuously expresses its support to Syrian President Bashar Assad, while the March 14 camp backs the popular revolt.