The former headquarters of the Association of Banks in Lebanon, in Beirut. (Credit: Magaly Abboud/L'Orient-Le Jour)
BEIRUT — The Association of Banks in Lebanon announced Friday evening that it will extend the suspension of its strike until March 10, according to a statement released following ABL's general assembly meeting.
The statement said the extension decision was made to "facilitate the work of institutions and individuals, and to re-evaluate any developments regarding the implementation of its demands, provided that the Board of Directors is authorized to extend the suspension period in light of it."
ABL launched an open-ended strike on Feb. 6 after a court decision allowing the resumption of a lawsuit by depositors demanding their funds in dollars from Fransabank.
Legal pressure on banks ramped up the following week when Mount Lebanon Court of Appeals prosecutor Ghada Aoun filed charges of money laundering and issued an asset seizure order against Bank Audi.
In Friday's statement, the ABL renewed its demand that the Lebanese state passes a law that "abolishes banking secrecy from all bank accounts, thereby putting an end to the fabricated accusations against them," and "to verify the capacity of the depositor who is suing the bank."
Meanwhile, the Lebanese lira fell to a record low on the parallel market, trading at LL90,000 to the dollar on Wednesday before appreciating to LL82,000 in the following days.
A banking source pointed out to L'Orient-Le Jour that the banks’ ongoing strike can be a factor in the lira's fluctuation.
However, the ABL refuses to be blamed for the lira's downward spiral, saying in a previous statement that "there is also a lot of frivolity and superficiality in this."