Banks open in Lebanon after a week-long strike

In the statement issued by the Association of Banks of Lebanon, it was announced that as of this morning the strike will be terminated and the doors will be opened to depositors in order to facilitate the work of all people on the occasion of Ramadan.

In the statement, it was noted that the decision in question was made after discussions with the relevant authorities of the political administration.

The Lebanese Association of Banks announced on March 9 that it would go on strike starting March 14 to protest court orders ordering banks to pay or transfer their foreign currency deposits in cash in the same currency.

ECONOMIC CRISIS IN LEBANON

Events such as the demonstrations that began in Lebanon in October 2019, the resignation of the government, the explosion of the port in Beirut and the outbreak of Covid-19 deeply affected the country’s economy.

In an environment of economic crisis that has been going on for about 3.5 years, deposit accounts in dollars in banks were frozen to prevent the melting of foreign currency reserves.

In the country, 1 US dollar traded at 1,500 Lebanese lira in 2019, while the depreciation of the local currency increased simultaneously with successive developments.

While 1 US dollar was 20,000 Lebanese lira in January 2022, its depreciation has continued to increase rapidly in the past year.

Economy Minister Emin Selam said on February 28 that price tags in all markets in the country will be displayed in dollars instead of lira from March 1, so that citizens can buy products at real prices. (AA)