The Lebanese Lira’s value continues to plummet relentlessly against the US dollar, exacerbating the country’s economic crisis and plunging many Lebanese citizens into deep financial distress.
The Lebanese Lira dropped to a record low, trading at 73,500 LBP per USD on the black market by Tuesday afternoon, exchange dealers reported.
The Association of Banks, for its part, denied reports about halting its strike, stressing that such decisions would be announced via official statements.
It is worth noting that the reports about the halt of the banks strike led to instability on the black market.
Meanwhile, Lebanese depositors’ group condemned banks’ threat to completely shut, accusing them of intending to “twist arm of judiciary”.
The Depositors’ Association has warned that the banks’ proposed complete shutdown is an attempt to coerce the judiciary into adopting a biased capital control bill without integrated laws to restructure the banking sector and distribute losses in a way that protects depositors.
Banks to Reconsider Full Closure
Based on the comments of the Secretary-General of the Association of Banks, Fadi Khalaf, and the available information, it appears that a complete shutdown of services will be reconsidered in light of potential public backlash.
While the closure has not been abandoned, the review period will be extended. Khalaf emphasized the banks’ “commitment to protecting depositors and citizens during this sensitive time and noted their reliance on an impartial judiciary to resolve the crisis.”
Meanwhile, the Association of Banks is poised to make a decision on ATM services on Wednesday, effective Thursday.
Charges against Bank Officials
On the other hand, Mount Lebanon Public Prosecutor Judge Ghada Aoun has decided to bring charges of money laundering against Bank Audi CEO Samir Hanna, and Deputy CEO Tamer Ghazaleh.
Aoun has referred the case to Nicolas Mansour, the first investigating judge in the Mount Lebanon Court of Appeal, calling on him to conduct an investigation and issue the necessary arrest warrants. This action was prompted by the numerous complaints filed against banks in Lebanon, according to the People Want to Reform the System association.
Since 2019 the local currency in Lebanon has plunged in value by more than 95 per cent. Salaries have failed to meet soaring inflation, with much of the population now in poverty, unable to obtain basic goods and necessities.
Source: Al-Manar English Website
