22 Sep 2022 | 03:38 AM UTC
Lebanon: Banks nationwide announce indefinite closure as of Sept. 22 /update 1
Banks in Lebanon announce indefinite closure as of Sept. 22 to protest recent armed robberies against them; banking disruptions likely.
Event
The Association of Banks in Lebanon announced that banks nationwide will remain closed indefinitely as of Sept. 22. The closure was announced as a precautionary measure following a wave of armed robberies.
Banking service disruptions are likely throughout Lebanon during the closure. Cash supplies could run low at ATMs. The closure could prompt demonstrations against financial institutions in Lebanon, potentially resulting in localized transport and business disruptions. Security forces will almost certainly deploy to monitor any demonstrations that may materialize.
Context
Lebanon has been mired in an economic crisis for over two years since the value of its currency collapsed, and banks imposed severe withdrawal restrictions. Restrictions on withdrawals have led to much of the population being unable to pay for basic necessities. Consequentially, there has been a wave of armed robberies, with perpetrators demanding their savings be withdrawn. At least 11 such incidents took place Sept. 16; additional incidents are almost certain to occur.
Advice
Consider withdrawing sufficient cash as soon as possible due to potential shortages. Make allowances for possible business disruptions. Avoid any demonstrations that may materialize due to the potential for violence. Leave the area at the first sign of a confrontation.
