Lebanon's Banks to Reopen on Monday

People queue outside a bank in Tripoli, Lebanon November 1, 2019. (Reuters)
People queue outside a bank in Tripoli, Lebanon November 1, 2019. (Reuters)
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Lebanon's Banks to Reopen on Monday

People queue outside a bank in Tripoli, Lebanon November 1, 2019. (Reuters)
People queue outside a bank in Tripoli, Lebanon November 1, 2019. (Reuters)

Lebanon's banks will reopen on Monday, with each taking their own measures, the country's banking association said in a statement on Sunday.

The country's banks have shut for about five days following a spree of bank hold-ups by frustrated depositors seeking access to their frozen savings.

On September 16, several banks were held up in Lebanon, where commercial banks have locked most depositors out of their savings since an economic crisis took hold three years ago, leaving much of the population unable to pay for basics.

Lebanon's banks association announced a three-day closure over security concerns and urged the government to pass laws to deal with the crisis. The closure was extended later on.

Authorities have been slow to pass reforms that would grant access to $3 billion from the International Monetary Fund, and on Friday failed to pass a 2022 budget.

Without a capital controls law, banks have imposed unilateral limits on what most depositors can retrieve each week in US dollars or the Lebanese lira, which has lost more than 95% of its value since 2019.



EU's Borrell Urges Pressure on Israel, Hezbollah to Accept US Ceasefire Proposal

File photo: EU's High Representative for Foreign Affairs and Security Policy Josep Borell attend the plenary session during the Summit on Peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. Urs Flueeler/Pool via REUTERS
File photo: EU's High Representative for Foreign Affairs and Security Policy Josep Borell attend the plenary session during the Summit on Peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. Urs Flueeler/Pool via REUTERS
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EU's Borrell Urges Pressure on Israel, Hezbollah to Accept US Ceasefire Proposal

File photo: EU's High Representative for Foreign Affairs and Security Policy Josep Borell attend the plenary session during the Summit on Peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. Urs Flueeler/Pool via REUTERS
File photo: EU's High Representative for Foreign Affairs and Security Policy Josep Borell attend the plenary session during the Summit on Peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. Urs Flueeler/Pool via REUTERS

The European Union's foreign policy chief called on Sunday during a visit to Beirut for pressure to be exerted on both the Israeli government and on Lebanon's Hezbollah to accept a US ceasefire proposal.
Speaking at a news conference in Beirut, Josep Borell also urged Lebanese leaders to pick a president to end a two-year power vacuum in the country, and he pledged 200 million euros in support for Lebanon's armed forces.
US envoy Amos Hochstein traveled to the region earlier this week in pursuit of a deal to end months of fighting between Israel and Hezbollah that has erupted into full-on war.
Israeli attacks have killed more than 3,500 people in Lebanon, according to Lebanon's Health Ministry.