Banks in Lebanon reopen amid security increase

Protesters shout slogans outside Lebanon’s Central Bank in Beirut. (Reuters/File)
Updated 19 November 2019

Banks in Lebanon reopen amid security increase

  • Two security guards will be placed in front of each bank, and security patrols will be conducted in cities

BEIRUT: Banks in Lebanon will reopen on Tuesday after the Association of Banks in Lebanon approved measures to ease the anger of depositors and customers. 

More than 3,000 members of Beirut’s police, the regional gendarmerie, the judicial police, and the information division of the Internal Security Forces will provide protection to banks and their employees, who carried out an open strike for a week.

They did so due to customers’ anger over measures applied by banks on withdrawals and transfers amid Lebanon’s severe political and economic crisis, which sparked mass protests that have been ongoing for 33 days.

Two security guards will be placed in front of each bank, and security patrols will be conducted in cities.

The Association of Banks in Lebanon decided on Sunday to “stop restrictions on new funds transferred from abroad, provided that remittances abroad only cover urgent personal expenses.”

It also decided to lift restrictions on the circulation of checks, transfers, and the use of credit cards in Lebanon. 

As for the use of credit cards abroad, ceilings are determined by agreements between banks and customers.

The association has determined a maximum cash withdrawal rate of $1,000 per week for holders of current accounts in dollars, while checks issued in foreign currencies will be transferred into their account.

It has also urged customers to “use their credit cards, especially in Lebanese pounds, to buy their needs.”

Meanwhile, protesters are preparing to block roads leading to Parliament in the heart of Beirut on Tuesday, to prevent a legislative session from taking place. The session had already been postponed for a week.

In an attempt to placate protesters, the presidential palace’s media office said the president has ordered investigations into “financial crimes, waste, forgery, money laundering and suspicious transactions,” as well as “negligence at work, promotion of counterfeit medicines and suspicious reconciliation contracts.”

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Protesters pack Tel Aviv rally against coronavirus cash crisis

Updated 55 min 23 sec ago

Protesters pack Tel Aviv rally against coronavirus cash crisis

  • Event was organized by self-employed, small business and performing artists’ groups angry at coronavirus curbs which have taken away their livelihoods

TEL AVIV: Thousands of Israelis streamed into Tel Aviv’s Rabin Square to protest Saturday against the government’s handling of economic hardship caused by coronavirus curbs.
About 300 officers were deployed in the square, a traditional protest site, to ensure public order and monitor social distancing regulations, police said.
Many participants wore facemasks but most appeared to be less than the statutory two meters (yards) apart.
Some held banners reading in Hebrew: “Let us breathe” — an echo of worldwide protests sparked by the death of George Floyd, an unarmed black man, during a US police arrest.
The event was organized by self-employed, small business and performing artists’ groups angry at coronavirus curbs which have taken away their livelihoods.
Student unions also took part over the large numbers of young people made jobless by closures.
Israel imposed a broad lockdown from the middle of March, allowing only staff deemed essential to go to work and banning public assembly.
Places of entertainment were closed, hitting the leisure industry hard.
Facing public and economic pressure, the government eased restrictions in late May.
But infections have mounted and rules tightened again, including the closure of event venues, clubs, bars, gyms and public pools.
While salaried workers sent on furlough received unemployment benefits, the self-employed said most had been waiting months for promised government aid.
“There is a very grave crisis of confidence between us and the government,” Shai Berman, one of the protest organizers told Israeli public radio ahead of the rally.
“We are part of a very large public which is feeling growing distress and wants to demonstrate and simply does not believe the promises,” he added.
Berman was among activists invited Friday to meet Prime Minister Benjamin Netanyahu and finance ministry officials in a last-minute government effort to stave off the protest.
“He tried, very politely,” Berman said, adding that an aid package presented at the meeting was a start, but flawed.
Netanyahu promised swift implementation.
“We will meet our commitments including hastening the immediate payments that we want to give you,” his office quoted him as telling the activists.
On Friday, the health ministry announced the highest number of coronavirus infections over a 24-hour period, with nearly 1,500 new cases confirmed.
The country of roughly nine million has now registered more than 37,000 cases, including over 350 deaths.