Banks in Lebanon will remain closed until stability is restored out of safety concerns, the banking association said on Thursday, as protests raged demanding the government resigns.
President Michel Aoun said he was ready for dialogue with protesters, who blame the political elite for economic hardship and corruption. He suggested a government reshuffle was possible.
The rallies have gone on for a week despite the government announcing reforms to try and defuse them and win over Western donors.
Banks have shut their doors for six working days.
In a statement, carried on the state news agency, Lebanon’s Association of Banks said they would remain closed on Friday to protect customers, employees and properties.
It urged a political solution to the crisis and “reassured citizens that the banks are ready to resume their work as soon as the situation stabilizes.” Bank operations will be limited to providing month-end wages via ATMs, the statement added.
The emergency reform plans announced this week include halving ministers’ salaries and long-delayed steps to fix the finances of the state drowning in debt.
This has so far failed to appease discontent or prod Western donors to go ahead with pledged financing.
Prime Minister Saad al-Hariri also said the banking sector would shell out 5.1 trillion Lebanese pounds ($3.4 billion) to help cut the 2020 budget deficit, including through a tax hike on profits.

Protest-hit Lebanon’s banks to stay shut until calm returns

A Lebanese protester rests in a tent set up at the entrance of a bank in downtown Beirut. (AFP)
Reuters
Thursday 24 October 2019
Last Update: Wednesday, 20 May 2020 KSA 09:56 - GMT 06:56
DAY | WEEK |
-
4754 Views COVID-19 vaccine might be needed every year: UAE health spokesperson
-
3570 Views US Senate Republicans unite behind failed efforts to halt Trump impeachment trial
-
2092 Views Lebanese workers thrust into poverty, depression amid COVID-19 lockdown
-
1228 Views Coronavirus: Dubai changes travel protocols for inbound passengers from Jan. 31
-
352 Views Coronavirus: Morocco receives half million doses of Sinopharm COVID-19 vaccine
-
249 Views Indian farmers back at protest camp, tensions rise amid Republic Day aftermath
-
24581 Views Coronavirus: Dubai temporarily postpones Pfizer vaccine campaign amid global shortage
-
19968 Views Saudi Arabia’s PIF to invest 3 trillion riyals over next 10 years: Crown Prince
-
18279 Views Loud explosion heard in Saudi Arabia's capital Riyadh
-
10940 Views Saudi Arabia’s King Salman issues several new royal decrees
-
10099 Views Full moon to align directly above Kaaba in Mecca on Jan. 28
-
8773 Views Coronavirus: Dubai restaurants offer discounts for vaccinated diners
SHOW MORE