What is the fate of banks strike?

Lebanon Economy
13-02-2023 | 11:43
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What is the fate of banks strike?
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3min
What is the fate of banks strike?

Judge Ghada Aoun charged Bank Audi and its board chairman Samir Hanna and Bank Audi Group President Tamer Ghazaleh and referred them to the first investigating judge in Mount Lebanon.

According to the Association of Banks in Lebanon (ABL), Judge Aoun gave Wednesday as a final deadline for a number of banks to lift banking secrecy on their directors and auditors under penalty of being charged with money laundering.
 
This judicial development came at a time when mediations were searching for a solution so that the expected strike of banks on Wednesday would not harm citizens and companies. Will Judge Aoun's steps lead to thwarting these mediations?
 
Heads of security apparatuses are holding contacts with the ABL wishing that the expected strike would not include ATMs because this would cause security problems, according to the available information.
 
Banking sources stated that they are not about to cause problems in the country but that the relevant authorities must respond to their demands.
 
The most crucial of these demands is the acknowledgment of bank checks as a means of discharging the financial liability towards depositors and stopping the prosecution of lifting banking secrecy on some bank owners and managers.
 
They also voiced surprise these demands have not been met yet.
 
Banking sources noted that one outcome of the threat of a total strike and the shutdown of ATMs was that everyone realized the necessity of the work done by banks, even in these conditions. 
 
Without banks, employees cannot receive their salaries, and no citizen can withdraw any amount of money, just as businesses cannot conduct money transfer operations, particularly for the purpose of importing.
 
The same sources added that contacts are being maintained on two fronts: the first is between banks to determine how to keep up the pressure while avoiding harming citizens and the country, and the second is with political, financial, and judicial officials to assess the extent of the response to the banks' demands.
 

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