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Lebanese Banks to Reopen as Withdrawal Limits Made Official

Associated Press

   BEIRUT - Lebanon's bank staff union announced Monday it's ending a
   week-long strike after increased security and new regulations that
   officially limited withdrawal and dollar transfers.

   The union said banks will reopen Tuesday.

   Banks have been at the center of anti-government protests, as
   demonstrators accused them of corruption and mismanagement.

   They had closed with the eruption of protests on Oct. 17, opening only
   for a week. Depositors then rushed in to withdraw money, but banks had
   begun imposing informal capital controls that angered many clients and
   added to the turmoil, prompting the employees' strike.

   On Saturday, security forces said they will boost security around
   banks. A day later, the Banks Association declared formal controls,
   limiting withdrawals to $1,000 per week, and transfers abroad to
   "urgent matters."

   The financial crisis in Lebanon predates the protests, which were
   sparked by new proposed taxes, including on the free call and messaging
   service Whatsapp. The protests have since snowballed into calls for the
   government to resign and for the entire political elite that has ruled
   Lebanon since the end of its 1975-90 civil war to step aside.

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