Lebanon’s banks see no ‘extraordinary movement’ of money



Lebanon’s banks did not see “any extraordinary movement” of money on Friday or Saturday, the first two days they reopened to the public after a two-week closure due to nationwide protests, the head of the banking association said on Saturday.
“The reaction was almost the way we expected and anticipated. However, people were asking a lot of questions and we provided as much assurances as possible,” Salim Sfeir, head of the Association of Banks in Lebanon, told Reuters by email.Analysts and bankers had cited widespread concern about a rush by depositors to withdraw their savings or transfer them abroad when the banks reopen.
The nationwide protests that erupted on Oct. 17 tipped Lebanon into political turmoil as it grapples with the worst economic crisis since the 1975-90 civil war. The uprisings led Saad Al-Hariri to quit as prime minister this week. “We are trying to counter rumors and avoid panic in order to prevent any unnecessary and unjustified withdrawals.”—Arab News

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