Lebanese banks have remained closed for 12 consecutive days amid nationwide anti-government protests, a Sputnik correspondent reported from Beirut
BEIRUT (Pakistan Point News / Sputnik - 29th October, 2019) Lebanese banks have remained closed for 12 consecutive days amid nationwide anti-government protests, a Sputnik correspondent reported from Beirut.
Lebanon has been gripped by mass protests that began on October 17 when the government announced tax hikes on tobacco and internet calls. The demonstrations have since ballooned into widespread demands for the resignation of the government and political reforms. Blocking roads and highways during the rallies has been a common occurrence throughout the country, while schools and universities have also stopped functioning.
The Association of Banks in Lebanon on Monday announced that it would serve customers only through ATMs, and pledged to provide enough cash to enable citizens to receive their salaries.
A manager of one of Lebanon's largest banks told Sputnik that the banks had halted services due to the risk that they might fail to cope with all the existing demand.
After the situation escalated, the government quickly scrapped the proposed tax hikes and presented a 17-point plan to address the worsening economic conditions. The plan included otherwise popular ideas such as slashing salaries for ministers and parliamentarians as well as "returning embezzled funds." But the plan failed to appease the protesters who, by and large, blamed Lebanon's religious-confessional government structure for breeding corruption and tribalism.
