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ABL denies rumors about closure of banks after holidays.

Summary: The Association of Banks in Lebanon Wednesday denied rumors that banks will close their businesses after the Christmas holiday and that they have ran out of foreign currency.

BEIRUT: The Association of Banks in Lebanon Wednesday denied rumors that banks will close their businesses after the Christmas holiday and that they have ran out of foreign currency. "In response to the news reported on social media about the closure of banks after the holidays, and about the cessation of cash payments in foreign currencies, the chairman of the Association of Banks in Lebanon, Dr. Salim Sfeir, confirmed that these are pure rumors and are completely false. Unfortunately, it falls within the framework of the reprehensible campaign targeting the Lebanese banking sector at this critical and delicate stage that Lebanon is undergoing, as banks focus on preserving citizens' deposits while awaiting the formation of a new government to start addressing the root causes of the current financial crisis," a statement from the ABL said.

The political paralysis, failure to form a Cabinet and the two months of anti-government protests that have swept the country have exacerbated Lebanon's financial and economic woes. Many economists and bankers have persistently urged politicians to speed up the formation of a new Cabinet that enjoys the support of all the Lebanese and the international community.

They stress that international donors will not assist Lebanon unless a new Cabinet is formed.

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Publication:The Daily Star (Beirut, Lebanon)
Geographic Code:7LEBA
Date:Dec 19, 2019
Words:251
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