Lebanese Deputy Prime Minister Ghassan Hasbani said that the banking sector in Lebanon was facing a “very delicate situation,” noting that it was one of the “pillars of stability” in the country. He called for “immediate reforms” to combat waste and corruption, and underlined the need to dissociate the sector from any effects of the sanctions imposed by the United States on Iran. Asharq Al-Awsat interviewed Hasbani in New York, where he is attending the Partnership Forum for the Implementation of the Sustainable Development Goals of the Economic and Social Council of the United Nations. “The economic, social, and financial situation necessitates serious and rapid action by the government not only to prevent the aggravation of this reality but also to reverse it,” he said. He said maintaining stability “represents a major challenge in light of everything that is happening around us,” given the sanctions imposed by the US administration “on various parts of the region and the Lebanese interior,” referring to Iran and Hezbollah. Pointing to the economic and social burdens resulting from the presence of Syrian and other displaced persons in Lebanon, Hasbani said: “There is a need to consolidate stability and work towards the development of serious and structural reforms on the economic and administrative levels.” On the frequency of reports on a possible collapse in the Lebanese financial and monetary situation, the deputy premier stressed that the challenge was tied to the financial, monetary, and economic conditions. “Reforms must be applied to all sectors in order to activate their ability to grow and self-develop,” he emphasized. On the monetary side, Hasbani said that the stability of the exchange rate of the Lebanese pound depended on the availability of foreign currency in the market and in the banking sector. He added that the influx of new deposits could contribute to the desired stability. “These deposits can come from countries keen on the stability of Lebanon and those which consider Lebanon a friendly country,” he said, referring to major Gulf States such as Saudi Arabia and the United Arab Emirates, as well as donor countries in the Americas and Europe. During his meetings in Washington and New York, Hasbani said that the banking and financial sector in Lebanon should remain one of the main pillars of Lebanon’s stability, underlining the need to keep it clear of any sanctions imposed by the United States on regional entities.