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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Rouhani: Iran will bypass US sanctions or overcome them through talks

Updated 14 min 37 sec ago

Rouhani: Iran will bypass US sanctions or overcome them through talks

  • Tensions have soared between Tehran and Washington since last year
  • The Islamic Republic has rejected negotiating a new deal with the Trump administration

DUBAI: Iran will overcome US sanctions by either bypassing them or through negotiations, and it will not cross its red lines in any talks with arch-adversary Washington, President Hassan Rouhani said on Wednesday.
Tensions have soared between Tehran and Washington since last year, when President Donald Trump pulled the United States out of Iran’s 2015 nuclear deal with six powers and reimposed sanctions on Tehran that have crippled its oil-based economy.
The Islamic Republic has rejected negotiating a new deal with the Trump administration, saying talks are only possible if Washington returns to the nuclear pact and lifts sanctions.
“The government is determined to defeat (the enemy) by bypassing America’s sanctions...or through various means including talks, but we will not cross our red lines,” the semi-official Iranian news agency ISNA quoted Rouhani as saying. In a rare act of cooperation between Tehran and Washington, the United States and Iran each freed a prisoner on Saturday.
Washington said it was hopeful that the prisoner swap would lead to the release of other Americans held in Iran and that it was a sign Tehran was willing to discuss other issues.
Iran released Xiyue Wang, a US citizen who had been held for three years on spying charges, while the United States freed Iranian Massoud Soleimani, who had faced charges of violating US sanctions against Tehran.
Iran said on Monday there were about 20 Iranians jailed in the United States in cases linked to sanctions violations.