Banks in Lebanon resume work after a week of closure in protest of the raids they were subjected to

Lebanese banks will resume operations on Monday, after they closed their doors a week ago, in the context of a wave of raids that witnessed several bank branches by depositors requesting to obtain their money by force of arms.

The decision to resume the work of the banks came after a meeting of the Association of Banks in Lebanon, on Sunday, with “the need to ensure the continuity of customer service, taking into account the current difficult security conditions and the need to preserve security. of customers and employees alike.

The statement said: “The association decided to resume banks to conduct their business, starting Monday, through the channels determined by each bank for the operations of commercial, educational, hospital and other institutions, and through ATMs for everyone, allowing them to make their deposits and withdrawals. It also makes it possible to insure public sector salaries after transferring them to the Banque du Liban banks and salaries from their domiciled private sector”.

Two weeks ago, Lebanon witnessed several raids on various local bank branches, as depositors forcibly demanded access to their savings, forcing local banks to close.

Since autumn 2019, Lebanese banks have imposed strict restrictions on the withdrawal of bank deposits, which have been increasing little by little, until it has become almost impossible for depositors to dispose of their money, especially that deposited in US dollars, with the value of the lira falling more than 90% against the dollar.

Last August, a gunman took hostages at the Federal Bank of Lebanon, and turned himself in to the police forces after an agreement to receive part of his economic deposits for the treatment of his father.

The gunman agreed to turn himself in after agreeing to take $30,000 of his bank deposits, which he said were more than $200,000.

The World Bank ranked Lebanon’s economic crisis among the worst in the world since 1850.