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Head of Lebanon's banker's syndicate: 'ATMs will be stocked with cash'

November 12, 2019

Anti-government protest in Lebanon, which began Oct. 17, are causing a cash crisis in the country as banks have been closed and ATMs have been running dry.  

Banks were closed for two weeks last month, reopening on Nov. 1. Now, due to concerns for the safety of staff who have been bullied by protesters and customers demanding access to their money, they may be closed again for an indeterminate amount of time.

On Tuesday, after President of the Federation of Syndicates of Bank Employees George al-Hajj called for an open-ended strike, he tried to instill confidence that ATM machines would remain stocked with cash, according to a report in Reuters.

ATM machines will be stocked so that depositors do not feel "punished" by the strike action, Hajj said.

On Monday, the country's central bank tried to reassure concerned depositors, telling them their funds are safe and that there will be no restrictions on the flow of foreign currency in and out of the country.

Still, banks have been trying to prevent capital outflow by controlling dollar withdrawals and blocking transfers abroad. This has drawn ire from bank customers.