Lebanese Banks to Start Open-Ended Strike, to Keep ATMs Working

A man uses an ATM machine outside a local bank in Beirut, Lebanon, 01 February 2023. (EPA)
A man uses an ATM machine outside a local bank in Beirut, Lebanon, 01 February 2023. (EPA)
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Lebanese Banks to Start Open-Ended Strike, to Keep ATMs Working

A man uses an ATM machine outside a local bank in Beirut, Lebanon, 01 February 2023. (EPA)
A man uses an ATM machine outside a local bank in Beirut, Lebanon, 01 February 2023. (EPA)

Banks in Lebanon will start an open-ended strike from Tuesday but will keep ATMs operating for basic services, the Lebanese Banks Association said on Monday, urging authorities to pass overdue measures to deal with a deep financial crisis.

The decision came after a meeting by the association to discuss judicial measures against banks that have snowballed since the onset of the crisis, and "their impacts on banking workflow and the rights of depositors", it said in a statement.

It called on Lebanese authorities to pass a capital control law that would enshrine informal restrictions on withdrawals in hard currency and Lebanese pounds, as well as legislation to restructure the country's troubled banks.

Lebanon's financial system imploded in 2019 after decades of profligate spending, corruption and mismanagement by ruling elites, leaving most depositors unable to freely access their funds and throwing thousands into poverty.

The crisis has been left to fester.

In April 2022 the government reached a draft deal with the International Monetary Fund for a $3 billion bailout, but nearly a year later has failed to complete the steps required to clinch the accord, leading the IMF to note "very slow" progress.

Capital controls and a bank restructuring framework are among the IMF preconditions for the bailout.

The banks association also called for banking secrecy regulations to be abolished, including retroactively, which would allow lenders to share data with authorities and the judiciary for financial investigations.

Because capital controls have been imposed ad hoc, banks have faced lawsuits from customers seeking their deposits.

There have also been an array of allegations of financial misconduct, including that influential people and bank shareholders transferred money abroad during the crisis at a time when most people were unable to do so.

Last year, parliament amended strict banking secrecy regulations to allow more access for authorities including tax regulators and the judiciary. But bankers have said that the new law does not allow them to provide data that predates it.



Palestinian Authority Says Internet Down in Gaza After Attack on Fibre Optic Cable

Palestinians charge their mobile phones from a point powered by solar panels provided by Adel Shaheen, an owner of an electric appliances shop, as electricity remains cut during the ongoing Israeli-Palestinian conflict, in Khan Younis in the southern Gaza Strip October 19, 2023. REUTERS/Mohammed
Palestinians charge their mobile phones from a point powered by solar panels provided by Adel Shaheen, an owner of an electric appliances shop, as electricity remains cut during the ongoing Israeli-Palestinian conflict, in Khan Younis in the southern Gaza Strip October 19, 2023. REUTERS/Mohammed
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Palestinian Authority Says Internet Down in Gaza After Attack on Fibre Optic Cable

Palestinians charge their mobile phones from a point powered by solar panels provided by Adel Shaheen, an owner of an electric appliances shop, as electricity remains cut during the ongoing Israeli-Palestinian conflict, in Khan Younis in the southern Gaza Strip October 19, 2023. REUTERS/Mohammed
Palestinians charge their mobile phones from a point powered by solar panels provided by Adel Shaheen, an owner of an electric appliances shop, as electricity remains cut during the ongoing Israeli-Palestinian conflict, in Khan Younis in the southern Gaza Strip October 19, 2023. REUTERS/Mohammed

The Palestinian Authority said internet and fixed-line communication services were down in Gaza on Thursday following an attack on the territory's last fibre optic cable it blamed on Israel.

"All internet and fixed-line communication services in the Gaza Strip have been cut following the targeting of the last remaining main fibre optic line in Gaza," the PA's telecommunications ministry said in a statement, accusing Israel of attempting to cut Gaza off from the world, AFP reported.

"The southern and central Gaza Strip have now joined Gaza City and the northern part of the Strip in experiencing complete isolation for the second consecutive day," the ministry said in a statement.

It added that its maintenance and repair teams had been unable to safely access the sites where damage occurred to the fibre optic cable.

"The Israeli occupation continues to prevent technical teams from repairing the cables that were cut yesterday", it said, adding that Israeli authorities had prevented repairs to other telecommunication lines in Gaza "for weeks and months".

The Palestinian Red Crescent said the communication lines were "directly targeted by occupation forces".

It said the internet outage was hindering its emergency services by impeding communication with first responder teams in the field.

"The emergency operations room is also struggling to coordinate with other organisations to respond to humanitarian cases."

Maysa Monayer, spokeswoman for the Palestinian communication ministry, told AFP that "mobile calls are still available with very limited capacity" in Gaza for the time being.

Now in its 21st month, the war in Gaza has caused massive damage to infrastructure across the Palestinian territory, including water mains, power lines and roads.