ECONOMY

Lebanon’s banks to remain shut on Thursday amid protests: Statement

A man uses an ATM in Lebanon, where banks have been closed for five days. (File photo: AFP)

Banks in Lebanon will remain closed on Thursday, the banking association said, as unprecedented protests gripped the country despite the government announcing emergency reforms.

The statement on Wednesday said the banks were “waiting for the general situation to stabilize.” The banks have been shut for five working days so far.

The government has passed fiscal reforms in response to the protest. The reforms, which include a tax on the profits of banks, are credit negative for the sector, according to ratings agenc Moody’s.

Protests continued throughout Wednesday as the army attempted to clear roadblocks across the country.

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Last Update: Wednesday, 23 October 2019 KSA 17:34 - GMT 14:34
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