Lebanese banks, 'guarded by troops', to reopen but with strict withdrawal limits

Banks have been at the center of anti-government protests, as demonstrators accused them of corruption and mismanagement.

MENA

1 min read

The New Arab

18 November, 2019

The union said on Monday banks will reopen the following day [Getty]

Lebanon's bank staff union has announced it's ending a week-long strike after increased security and new regulations that make limits on withdrawal and dollar transfers official.

The union said on Monday banks will reopen the following day.

Banks have been at the centre of anti-government protests, as demonstrators accused them of corruption and mismanagement.

They had closed with the eruption of protests on 17 October, 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.

On Saturday, security forces said they will boost security around banks.

A day later, the Banks Association declared formal controls, limiting withdrawals to $1,000 per week, and transfers abroad to "urgent matters".

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