Lebanese banks to reopen on Monday

Banks will reopen on Monday after five days of closure following a wave of robberies in the country by depositors seeking access to their frozen savings, the Lebanese Banking Association said.

The decision to reopen "was taken in view of the current difficult security conditions and the need to ensure the safety of both customers and employees in the absence of adequate protection by the state," the union said in a statement on Sunday. Each bank will determine its own channels for banking transactions with commercial, educational institutions and the health sector, the bank added. A senior Lebanese banker on Friday criticized politicians for not passing a capital control law, saying it was the way to prevent bank raids and stop the "arbitrary practices" of banks by savers demanding money from frozen accounts. The robberies reflect the desperation of savers three years after Lebanon's financial system collapsed due to decades of state corruption, waste and unsustainable fiscal policies. The government has neither adopted a financial rescue plan nor enacted reforms vital to pull Lebanon out of the crisis. The government says it is committed to reforms, but the International Monetary Fund says progress is too slow. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!