Sfeir Says Banks See No Unusual Movement of Funds after Protests

Chairman of the Association of Banks in Lebanon Salim Sfeir assured on Saturday that Lebanese banks have not seen "any unusual or extraordinary movements" of funds on Friday and Saturday after a two-week closure due to protests across the country, media reports said.

Sfeir said the banks have reopened to the public and the reaction of people was almost “expected and anticipated.” He added that banks were keen on providing assurances to the people.

Lebanon banks reopened for the first time in two weeks Friday as the country began to return to normal following mass demonstrations for radical political change.

There has been widespread concern that the reopening of the banks will be accompanied by a mass withdrawal of deposits and transfer of funds abroad. In addition to fear of a devaluation of the Lebanese pound but the central bank said the currency was still pegged to the greenback at 1,507 pounds to the dollar.