The Association of Banks in Lebanon announced today (Thursday) a strike starting next Tuesday, in protest against the issuance of court rulings requiring the payment of deposits in foreign currency.

The association, which includes Lebanese banks, said in a statement after a meeting it held today that it "finds itself forced to return to the strike, starting on the morning of Tuesday, March 14," in light of the issuance of court rulings "obliging banks to accept the payment of their debts in foreign currency."

She explained, "Unfortunately (..) judicial decisions were issued during the past few days (..) obligating banks to accept the payment of debts belonging to them in foreign currency owed by borrowers by check drawn on the Central Bank of Lebanon or in Lebanese pounds based on the exchange rate of 1,500 pounds to one dollar."

And she continued, "Judicial decisions oblige banks to pay or transfer deposits in foreign currency in cash and in the same currency and for the benefit of some depositors at the expense of other depositors."

And the Association of Banks called for taking swift legal measures to put an end to this imbalance in adopting contradictory standards in issuing some rulings, which drain the remaining funds belonging to all depositors and not to some at the expense of others.

It called for "dealing with the crisis in a rational, just and final manner, in which the state, in particular, bears its responsibility in this field," holding "the official executive, monetary, judicial and legislative authorities responsible for finding a comprehensive solution to the existing crisis."

Since 2019, Lebanese banks have imposed harsh restrictions on withdrawing deposits in foreign currency, and set ceilings on withdrawing deposits in Lebanese pounds, while the government stopped paying its external and internal debts.

The Lebanese banks had announced a week ago the suspension of a strike that lasted for three weeks, in protest against the judicial summons of a number of bank managers.

Since 2019, Lebanon has been witnessing a severe financial and economic crisis, which was embodied in the scarcity of foreign currency, the collapse of the Lebanese pound, the high rate of poverty in the country, unemployment, inflation, and a shortage of fuel, medicine, and infant formula, and the World Bank classified it among the worst in the world in 150 years.