Concerns grow as Lebanese banks go on strike

However, according to banking sources, the goal is to deliver banks' voice to officials rather than to disrupt people's businesses and paralyze the country.

The ATMs will still be available, even though all the branches will be closed. Additionally, the public administrations will handle some urgent operations like opening import credits, conducting necessary transactions, and receiving transfers from overseas made in US dollars.

What prompted the banking sector to go on strike?

The most prominent reasons are the judicial decisions against banks, especially the recent ruling issued by the Court of Cassation, which rejected the cheques as a means of payment to one of the depositors and imposed payment only by cash.

This is something that banks view as "discretionary," which prompts them to treat depositors the same way and cease taking cheques as a form of loan repayment.

Furthermore, banks called for approving the Capital Control Law and the Banking Restructuring Law as solutions.

On the other hand, they denounced the summons issued by Judge Ghada Aoun, in which she compelled four banks to lift the banking secrecy on several accounts, with retroactive effect, on charges of money laundering.

Thus, banks considered disclosing this information violates the Banking Secrecy Law, calling for a Banking Secrecy Law with retroactive effect.

However, a delegation from the Association of Banks discussed these issues with Caretaker Prime Minister Najib Mikati, who promised to follow them up with the competent authorities.