Lebanese banks opened on Friday for the first time in two weeks after protests t...
BEIRUT - Lebanese banks opened on Friday for the first time in two weeks after protests that prompted the prime minister’s resignation, with queues building and customers encountering new curbs on transfers abroad and withdrawals from U.S. dollar accounts.
The Association of Banks in Lebanon praised the public for acting “responsibly”. The Lebanese pound strengthened against the dollar on a parallel market that has emerged in recent months, three dealers said. Customers also encountered new limits on the amount of dollars they could withdraw from U.S. dollar accounts.
Another said he was charged $5 for withdrawing $1,000 from his dollar account with Blom Bank and was told the weekly withdrawal limit from the account had been capped at $2,500. Banks had cited security concerns for staff and customers in their decision to stay closed for the last two weeks. Bankers and analysts had also cited worries about a rush by savers to withdraw funds or to transfer them abroad once banks re-opened.
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