Lebanon prevents green cash out and banks continue to close

Anti-government protesters shout slogans against the Lebanese government
Anti-government protesters shout slogans against the Lebanese government

the Association of Banks in Lebanon (ABL) announced theclosure of banks on Monday, as protests continued in all Lebanese regions,which continued for 11 days.

This comes at a time when banks are worried, if they open theirdoors, about the huge demand for the green currency; dollar, or a largewithdrawal of deposits abroad, and the deterioration of the lira exchange rateagainst the dollar.

Lebanon's government bonds plunged by one cent or more, a few daysafter protests erupted over the country's economic crisis.

The Public Prosecutor General of Lebanon, on Sunday, ordered thedenial of green cash out at one time in the bags of money changers andmerchants through Beirut International Airport and border crossings, which arecarried out with a normal permit approved by the Lebanese customs. Coordinationwith the Lebanon's central bank Governor Riad Salameh has been carried out sothat the customs directorate will subject the transfer of funds to regulationsthat the Central Bank of Lebanon will determine, the National News Agencyreported.

The Central Bank of Lebanon announced in a clarification on Sundaythat the entities competent for shipping banknotes in foreign currencies, mustbe licensed, stressing the bank's keenness to keep the currency market free andthat no new statement in this regard was issued.

It's noteworthy that for 11 consecutive days, protests have beensweeping Lebanon against a political elite accused of corruption, mismanagementof state funds, and leading the country toward an economic collapse not seensince the 1975-1990 civil war. Banks, schools and many businesses were closedthroughout that period because of the events.

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