Lebanon’s president meets bankers amid liquidity crisis

Lebanon’s President Michel Aoun is pictured as he addresses the nation at the Baabda palace, Lebanon October 24, 2019. (Reuters)

Lebanon’s president is meeting with several Cabinet ministers and top banking officials in search for solutions for the deepening financial and economic crisis.

The country’s financial troubles have worsened since nationwide protests - initially against new taxes - snowballed into calls for the entire political elite to step down.

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Banks reopened November 1 after a two-week closure amid the protests. But depositors have rushed to withdraw their money in recent days, while lenders imposed irregular capital controls.

President Michel Aoun’s office says the meeting was attended by the ministers of economy and finance, as well as the central bank governor and the head of the banks’ association.

Banks in Lebanon were closed Saturday for an extra day amid deepening turmoil and public anxiety over liquidity.

Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54