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FinancialNews
12-03-23
Lebanese banks to protest next week to object ‘arbitrary judicial decisions’
(MENAFN) Lebanese banks are going to protest as of March 14 in objection of “arbitrary judicial decisions”, a bank association stated on Thursday.
In an announcement, the Association of Banks in Lebanon (ABL) urged for “quick legal measures to put an end to contradictory standards on issuing rulings that drain the remaining funds of depositors.”
It highlighted the requirement “to correct the defect in some arbitrary judicial decisions.”
4 years ago (2019), Lebanese banks have forced sanctions on the withdrawal of funds in foreign currency after a massive financial catastrophe in the country. Banks have also set ceilings on withdrawing funds in local currency.
The ABL stated that legal procedures had permitted borrowers to recompense foreign currency loans to the banks at the previous formal trading price of 1,500 Lebanese liras to the US dollar.
“However, banks were also obliged to pay or transfer some foreign currency deposits in cash, in the same currency,” it also mentioned.
“We find ourselves forced to strike as of Tuesday, March 14,” the ABL added.
MENAFN12032023000045014228ID1105755876
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