Banks in Lebanon to reopen on November 01 | CustomNews.pk

Banks in Lebanon to reopen on November 01

LONDON: Banks in Lebanon, including Byblos Bank S.A.L., which have been closed since 18 October 2019 and are set to reopen on 1 November 2019, a press release issued to London Stock Exchange (LSE) said. Since 17 October 2019, there have been widespread protests in Lebanon, unprecedented in scale, and by Lebanese diaspora in a number of other countries. Protestors have demanded, among other things, the resignation of the current Government, the institution of significant reforms and the taking of effective steps to combat corruption. Lebanon has been facing significant adverse developments in its monetary and fiscal positions. On 29 October 2019, the President of the Council of Ministers, Mr. Saad Hariri, tendered his resignation to the President of the Republic, which resulted in the resignation of the entire Government. Following the Government's resignation, protestors have removed road blocks and businesses and schools are resuming normal activities. In accordance with applicable Lebanese regulations, Lebanese banks with listed securities on the Beirut Stock Exchange are required to publish their results as at, and for the nine months ended, 30 September 2019 by 31 October 2019. In light of the above circumstances, the bank will not be publishing these financial results by 31 October 2019. The crisis which Lebanon and the banking sector are currently facing presents unprecedented levels of uncertainty and is expected to materially affect the country and its banking sector.
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