Lebanese banks to resume strike on March 14 ...Kuwait

Lebanon's commercial banks said on Thursday they would resume their open-ended strike on March 14, citing "arbitrary judicial decisions" that had drained their foreign currency reserves. The statement by the Association of the Banks of Lebanon (ABL) said legal measures had allowed borrowers to repay foreign currency loans to the banks at the old official exchange rate of 1,500 Lebanese pounds to the US dollar. But, it said, banks were also obliged to pay or transfer some foreign currency deposits in cash, in the same currency. That meant borrowers could pay back loans cheaply, given the Lebanese pound has lost 98% of its value during Lebanon's financial meltdown, whil

Hence then, the article about lebanese banks to resume strike on march 14 was published today ( Thursday 09/03/2023 - 07:16 PM ) and is available on The New Arab ( Kuwait ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.

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