Most banks in Lebanon remain open Friday despite strike call following raids

Most banks in Lebanon remained open on Friday after more raids this week by depositors demanding access to their savings led to a call for strike action by branch workers.

Most banks kept their doors open as usual according to a mechanism previously approved where customers would have to book an appointment in advance, Lebanon Files reported.

The head of the Syndicate of Banks Employees in Lebanon, Assad Khoury, announced Thursday evening that the Association of Banks decided to strike on Friday due to what he called "the continuation of attacks on banks".

The Association of Depositors in Lebanon tweeted that strikes and closures will only increase resentment towards the banks, warning that more heists will take place if no solution is found.

سياسة الاضراب والاقفال لن تزيد المودعين الا نقماً على المصارف وعند العودة للافتتاح ستواجه اقتحامات عديدة ان لم يكن هناك حلاً .

— جمعية المودعين اللبنانيين (@Lebdepositors) October 6, 2022

Lebanon’s cash-strapped banks have imposed strict limits on withdrawals of foreign currency since late 2019, tying up the savings of millions of people. The Lebanese pound has lost 90 percent of its value against the dollar as the economy continues to spiral.

The dollar was trading at around 39,700 Lebanese pounds on Friday afternoon.

Several people have stormed banks in recent weeks - some armed - in an attempt to retrieve their frozen funds, including a lawmaker earlier this week. Some have been successful.

These developments have rocked the already crisis-ridden banking sector, which has cited security concerns and alleged they are being "unjustly targeted" in the country's fiscal crisis.

Over $20 billion has gone on subsidies in the past two years, money taken from depositors' accounts.