Photo Credit: Wikipedia / Shahen Araboghlian / CCASA 4.0I
Protests in Beirut. Oct. 19, 2019

Banks in Lebanon reopened on Friday after having been closed since October 18, the day after grassroots protests erupted across the country.

Customers waiting to withdraw US dollars at ATMs and those in the banks expecting to transfer funds abroad discovered, however, there were new limits on the transactions.

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Funds could only be transferred abroad to repay loans, for payments to educational or health institutions, family support or commercial commitments.

“I would not call it restrictions, but rather efforts by the banks to accommodate all customers, given the pressure resulting from closing for two weeks,” said Banking Association chief Salim Sfeir. “We stand ready to adjust any measure taken once the situation in the country is back to normal,” he told Reuters.

Banking sources told CNBC they will reconsider the situation on Monday.

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Hana Levi Julian is a Middle East news analyst with a degree in Mass Communication and Journalism from Southern Connecticut State University. A past columnist with The Jewish Press and senior editor at Arutz 7, Ms. Julian has written for Babble.com, Chabad.org and other media outlets, in addition to her years working in broadcast journalism.
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