Lebanese banks strike to protest ‘arbitrary, populist rulings’

Lebanon's banks went on strike on Monday to protest what they call "arbitrary, populist rulings" against the sector.

In a statement, the Association of Lebanese Banks said the one-day strike aims to protest "malicious lawsuits against banks and some arbitrary and populist rulings."

The statement said the General Assembly of the Association of Banks will decide on Wednesday on the next step "in order to preserve their interests and the interests of rights holders."

Several rulings were issued by Lebanese courts in recent months for the seizure of shares and asserts of banks upon lawsuits filed by depositors.

In March, the Public Prosecution Office in Mount Lebanon barred five bank chairmen from travel against the backdrop of investigation into corruption allegations.

Since late 2019, Lebanese banks have imposed restrictions and ceilings on withdrawals in dollars and local currency, following a severe economic crisis that led to a financial collapse and a sharp decline in the foreign currency reserves of the country's central bank.

Lebanese banks staged a two-day strike in March in protest of what they described as "arbitrary measure" regarding the application of financial policies and judicial decisions.