Lebanon’s Association Of Banks Announced A 2-Day Strike

Lebanese Banks Association Reveals What's Needed To Give People Their Deposits Back
Bloomberg/Hasan Shaaban

In response to the series of judicial orders issued this week against several Lebanese banks, the Association of Banks held a General Assembly, during which a decision was taken to challenge these “pressuring measures” with a strike of 2 days.

Hence, Banks in Lebanon will strike coming Monday and Tuesday to protest the recent judiciary measures involving the freezing of assets of banks and their chiefs. The Association called these measures “show-off” actions that could topple the banking sector.

The Association of Banks took its decision on Friday after Fransabank closed all its branches and ceased all operations on Wednesday, March 16th, in response to a judicial order against it.

A couple of days prior, assets of five banks and their boards of chiefs were frozen by order of Judge Ghada Aoun, namely Bank Audi, Bankmed, Blom Bank, SGBL, and Bank of Beirut.

Based on the statement by the Association of Banks, the strike and all the challenging actions that will follow are not just intended against the judiciary.

They demand that the government issues, once and for all, a capital control law so they can have more power in their hands to handle the economical crisis.

Millions of Lebanese citizens have been enduring the banks’ informal capital control that has worsened their social and economical condition since 2019.

As of yet, the Lebanese government, like the precedent ones, has not issued a capital control law as long asked for. Banks have been left to impose their own, people to protest against them, and lawsuits to be filed.

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