Collective Action
Banks close in response to a series of hold-ups and to demand security measures
Lebanese banks on Monday will close, marking the first of a three-day strike to protest “repeated attacks” after five banks were held up across Lebanon Friday, bringing the total number of bank holdups in the country last week to seven. The Association of Banks in Lebanon added that three days would serve to instate “security measures in coordination with authorities.” Caretaker Interior Minister Bassam Mawlawi announced a “strict plan … to protect depositors and citizens,” while withholding specific details of the measures to be taken.
Lebanese banks will not reopen Thursday, as previously stated, but will instead remain closed indefinitely, according to the Association of Banks in Lebanon (ABL). The closures come in response to a series of hold-ups undertaken last week by aggrieved depositors attempting to access their own funds, which are locked due to the ongoing economic crisis. Banks will remain closed until the safety of bank employees is guaranteed by the state,” Lebanon's bank employees federation said in a statement Thursday, following a meeting to discuss a security plan for their ailing sector. The Federation of Bank Employees' Unions in Lebanon stated that it “refuses to return colleagues to work without security measures in place to ensure their security and the security of depositors during working hours.” The past week saw a spate of bank holdups by angry depositors demanding to withdraw their own funds.