Will Lebanon's banks suspend all operations?

There are “contacts” aimed at persuading Lebanon’s partially-closed banks not to suspend all services, a media report said on Monday.

“Based on the stance voiced by Association (of Banks in Lebanon) Secretary-General Fadi Khalaf and the available information, it seems that the full closure decision will be reconsidered in light of the major disturbance it might create and the possible popular responses,” al-Joumhouria newspaper reported.

“The closure decision has not been totally dropped, but the evaluation period will be extended,” the daily added.

Banking sources meanwhile told the newspaper that “the inclination to avoid a full closure grew over the past days, after it turned out that some who have malicious intentions are trying to depict banks’ insistence on pressuring officials as being targeted against citizens, whereas the main objective is to rescue the sector.”