Association of Banks suspends strike for a week

The Association of Banks in Lebanon on Friday announced the temporary suspension of the banking sector strike for a period of one week.

“Following an appeal from Prime Minister Najib Mikati and out of banks’ understanding of the difficult economic situations and of the need to provide banking services to all citizens at the end of the month, the Association of Banks in Lebanon has decided to temporarily suspend the strike for one week,” ABL said in a statement.

“The general assembly will be asked to take the appropriate decision in light of the possible practical solutions,” the Association added.

Media reports meanwhile said that Mikati has promised the banks to address the judicial measures against them.

Lebanon's banks, which have restricted cash withdrawals since late 2019, have been shuttered since early February in what they call an "open-ended strike," following a court case that ruled in favor of a Lebanese depositor demanding their trapped savings.

Mount Lebanon Prosecutor Judge Ghada Aoun has also launched legal proceedings against a number of banks, accusing them of making illegal overseas transfers in the wake of the beginning of the financial crisis in 2019.