Lebanese banks to reopen after holdups

BEIRUT

Lebanese banks will resume operations on Monday after a week-long closure in protest of holdups by depositors demanding access to their savings.

In a statement, the Association of Banks in Lebanon said the banks will reopen as of Sept. 26, saying every bank will decide its own channel for banking operations.

At least eight storming attempts were reported in Lebanon this month during which depositors managed to recover amounts from their frozen funds.

The incidents pushed the banks to close their doors on Sept. 16 to protest the holdups.

Lebanon has been grappling with a severe economic crisis since 2019, leaving most people locked out of their bank accounts.

*Writing by Ahmed Asmar