Reasons behind banks’ ongoing strike in Lebanon

Most of these loans were repaid by citizens or companies in the Lebanese pound, either at the rate of LBP 1,500 or the "Lollar rate" of LBP 8,000.

At the same time, many judicial rulings were issued that obligated banks to accept from customers the payment of loans through a check in liras at the rate of LBP 1,500. 

On the other hand, some court decisions are requiring banks to repay depositors in cash US dollars, considering that "the check is not a means of payment.

This contradiction in judicial decisions is the main reason for the banks' adherence to the strike, which they have been carrying out for almost two weeks.

Banks further asked why they should accept the check from the customer as payment when they cannot pay the depositor with a check. They also called on the judicial authorities to resolve the issue.

The second reason behind the banks' strike is the accusations made against several banks by Judge Ghada Aoun for the crime of money laundering, which the banks said reopened the door to questions by correspondent banks abroad.

Banks also cautioned that damaging their reputation with foreign banks could result in such institutions ceasing all dealings with Lebanese banks.

However, opening import credits outside the country has become risky, especially for necessities like food, medication, and fuel.

This means, in other words, the isolation of Lebanon.

Therefore, banks demand that the accusation against them be "failure to provide information" instead of "money laundering."
 
They are also awaiting any positive signs regarding these two demands from the concerned authorities.