Banks In Lebanon Won’t Be Reopening, Despite The Rumors You Heard

Lebanese Central Bank Governor Riad Salameh has agreed to raise the value of U.S. dollar deposits in Lebanon, Al-Akhbar reported on Thursday.

The Association of Banks in Lebanon released a statement on Sunday, confirming that its ongoing strike will continue, denying rumors of its supposed end.

In the statement, the Association of Banks rebuked the spread of false news regarding the strike, stating that they make official announcements only through their “official channels, and not through leaks or unofficial websites seeking to break news before verification.”

The Association of Banks denied the rumors that it has accepted to end the strike tomorrow, adding that such news is groundless and false. The strike will continue until further notice.

The strike has caused severe disruption to the country’s financial sector, affecting both domestic and international transactions.

The strike is to put pressure on Lebanese authorities to enact a law on capital control that would formalize the current informal limitations on withdrawals in both hard currency and Lebanese pounds.

Additionally, they called for the implementation of legislation aimed at restructuring Lebanon’s struggling banks.

As of now, it is unclear when the strike will end, and how long it will last but the association of banks reassured that the ATMs will continue to operate.

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