BEIRUT: Lebanon’s banks will reopen on Monday, the banking association said, after five days of closure following a wave of holdups in the country by depositors seeking access to their frozen savings.
The association said in a statement on Sunday that the decision to reopen “was taken after consideration of the current difficult security conditions and the need to maintain the safety of customers and employees alike, in the absence of adequate protection by the state.”
It added each bank would determine its own channels for banking operations with commercial and educational institutions, and the health care sector among others.
A top Lebanese banker on Friday criticized politicians for failing to enact a capital control law, saying this was the way to avoid bank raids by savers demanding funds from frozen accounts and to stop banks’ “discretionary practices.”
The holdups reflect savers’ desperation three years after Lebanon’s financial system collapsed due to decades of state corruption and waste, and unsustainable financial policies.
The government has agreed neither a financial recovery plan nor enacted reforms deemed vital to get Lebanon out of the crisis. While the government says it is committed to reforms, the International Monetary Fund says progress remains very slow.
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Lebanon’s banks to reopen on Monday
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Lebanon’s banks to reopen on Monday
- Each bank would determine its own channels for banking operations with commercial and educational institutions
Lebanon close to completing disarmament of Hezbollah south of Litani River, says PM
BEIRUT: Lebanon is close to completing the disarmament of Hezbollah south of the Litani River, Prime Minister Nawaf Salam said on Saturday, as the country races to fulfil a key demand of its ceasefire with Israel before a year-end deadline.
The US-backed ceasefire, agreed in November 2024, ended more than a year of fighting between Israel and Hezbollah and required the disarmament of the Iran-aligned militant group, starting in areas south of the river adjacent to Israel.
Lebanese authorities, led by President Joseph Aoun and Salam,
tasked
the US-backed Lebanese army on August 5 with devising a plan to establish a state monopoly on arms by the end of the year.
“Prime Minister Salam affirmed that the first phase of the weapons consolidation plan related to the area south of the Litani River is only days away from completion,” a statement from his office said.
“The state is ready to move on to the second phase — namely (confiscating weapons) north of the Litani River — based on the plan prepared by the Lebanese army pursuant to a mandate from the government,” Salam added.
The statement came after Salam held talks with Simon Karam, Lebanon’s top civilian negotiator on a committee overseeing the Hezbollah-Israel truce.
Since the ceasefire, the sides have regularly accused each other of violations, with Israel questioning the Lebanese army’s efforts to disarm Hezbollah. Israeli warplanes have increasingly targeted Hezbollah in southern Lebanon and even in the capital.
Hezbollah, a Shiite Muslim group, has tried to resist the pressure — from its mainly Christian and Sunni Muslim opponents in Lebanon as well as from the US and Saudi Arabia — to disarm, saying it would be a mistake while Israel continues its air strikes on the country.
Israel has publicly urged Lebanese authorities to fulfil the conditions of the truce, saying it will act “as necessary” if Lebanon fails to take steps against Hezbollah.
The US-backed ceasefire, agreed in November 2024, ended more than a year of fighting between Israel and Hezbollah and required the disarmament of the Iran-aligned militant group, starting in areas south of the river adjacent to Israel.
Lebanese authorities, led by President Joseph Aoun and Salam,
tasked
the US-backed Lebanese army on August 5 with devising a plan to establish a state monopoly on arms by the end of the year.
“Prime Minister Salam affirmed that the first phase of the weapons consolidation plan related to the area south of the Litani River is only days away from completion,” a statement from his office said.
“The state is ready to move on to the second phase — namely (confiscating weapons) north of the Litani River — based on the plan prepared by the Lebanese army pursuant to a mandate from the government,” Salam added.
The statement came after Salam held talks with Simon Karam, Lebanon’s top civilian negotiator on a committee overseeing the Hezbollah-Israel truce.
Since the ceasefire, the sides have regularly accused each other of violations, with Israel questioning the Lebanese army’s efforts to disarm Hezbollah. Israeli warplanes have increasingly targeted Hezbollah in southern Lebanon and even in the capital.
Hezbollah, a Shiite Muslim group, has tried to resist the pressure — from its mainly Christian and Sunni Muslim opponents in Lebanon as well as from the US and Saudi Arabia — to disarm, saying it would be a mistake while Israel continues its air strikes on the country.
Israel has publicly urged Lebanese authorities to fulfil the conditions of the truce, saying it will act “as necessary” if Lebanon fails to take steps against Hezbollah.
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