Lebanese Banks to Reopen on Tuesday

  • Economics
Lebanese Banks to Reopen on Tuesday

The bank staff union announced on Monday that banks will reopen tomorrow after a long strike but announcing that they will take emergency measures on the movement of capital amid continuing political turmoil.

Secretary general of the Union of Arab Banks, Wissam Fattouh, said that Arab banks will support Lebanon in different ways upon the formation of the new government, local media reported.

"Arab banks promised to stand by Lebanon and support the country by injecting cash in its banks and through other means when the new government gets formed," Fattouh was quoted as saying by Elnashra, an online independent newspaper.

Fattouh emphasized the need for the new government to restore the confidence of people in Lebanon before being capable of re-gaining trust of other countries.

Banks had closed with the eruption of protests on Oct. 17, opening only for a week. Depositers then rushed in to withdraw money, but banks had begun imposing informal capital controls that angered many clients and added to the turmoil, prompting the employees’ strike.

Source: Agencies