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Lebanon banking sector to strike over 'harmful stance' against it

Lebanese forces take security measures in the demonstration area as people, whose bank deposits have been frozen for two years by the government, gathering to stage a demonstration in front of Lebanon's Central Bank (Banque du Liban) to protest against capital control draft bill, on July 07, 2022 in Beirut, Lebanon. [Hussam Shbaro - Anadolu Agency]
Lebanese forces take security measures in the demonstration area as people, whose bank deposits have been frozen for two years by the government, gathering to stage a demonstration in front of Lebanon's Central Bank (Banque du Liban) to protest against capital control draft bill, on July 07, 2022 in Beirut, Lebanon. [Hussam Shbaro - Anadolu Agency]

Lebanon's banking association announced today that banks would go on strike starting on Monday over what the banking sector has said is a build-up of "populist, harmful stances" taken against it, Reuters reports.

The statement said the group was taking action over the recent treatment of the sector, particularly the arrest of the head of Lebanon's CreditBank this week.

Lebanon is in an economic quagmire and looking for immediate financial support. The country is going through one of the worst financial crises seen globally since the mid-nineteenth century and the Lebanese lira has been devalued.

Many in the banking sector believe they are being blamed for the economic downturn in an effort to divert blame from corrupt government officials.

READ: Lebanon is the angriest country in the world, followed by Turkiye, data shows

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