When employees of the Central Bank of Lebanon went on strike for three days on July 19 in protest against judge Ghada Aoun's intrusion into the central bank, the "Sayrafa" platform halted operations for those three days due to the bank's shutdown, but banks opened their doors while "Sayrafa" operations stopped.
Today, however, the situation has reversed, as the Association of Banks announced a strike today, Monday, in solidarity with the Chairman of the Board of Directors of the Bank of Credit and Financing, Tarek Khalifa, in light of a lawsuit filed against him from a shareholder in the bank holding preferred shares under a contract granting them the right to receive a fixed return in dollars. Following the lawsuit, Khalifa was detained, making him the first banker to be arrested since the onset of the financial and monetary crisis in the country. This raises the question of whether "Sayrafa" withdrawals through ATMs will take place or not.
In this regard, a banking source confirmed to "Nidaa al-Watan" that "the Central Bank will operate as usual, and all its directorates and units will carry out their work, as will the 'Sayrafa' platform, which will also function as usual." As for "Sayrafa" withdrawals via bank ATMs, the source confirmed that "depositors who usually conduct 'Sayrafa' transactions through ATMs will be able to perform those transactions as usual, as the ATMs are supposed to be stocked with American dollars." However, those who can only complete "Sayrafa" transactions or withdrawals through the counter inside the bank will not be able to carry out their banking operations tomorrow and will need to wait until Wednesday.
There was a divergence among members of the Association of Banks in Lebanon regarding whether the strike decision would extend to Wednesday, given that tomorrow, Tuesday, is a holiday. This led the association to issue a statement late last night announcing that "the Board of Directors of the Association of Banks in Lebanon has decided to continue the strike today, with the General Assembly meeting on Wednesday to decide on the appropriate steps to protect their interests and those of the rights holders associated with them, including employees, depositors, shareholders, and others. Therefore, Wednesday will be a regular workday." Thus, the impact of the banks' strike has been limited to just today, Monday.
