Naharnet

Lebanese Banks Close for 2 Extra Days amid Financial Turmoil

Lebanon's National News Agency reported Friday that the country's banks will be closed for two extra days over the weekend amid deepening turmoil and public anxiety over liquidity and sustained anti-government protests.

NNA said the banks will be closed both on Saturday and Monday, along with the regular Sunday closure for the weekend.

The agency said this will allow for the observation of the holiday celebrating Prophet Mohammed's birthday, which is set for Monday in Lebanon.

Earlier, banks were closed for two weeks amid nationwide protests calling for the government to resign. After reopening last week, individual banks imposed irregular capital controls to protect deposits and prevent a run on the banks.

Lebanon is one of the world's most heavily indebted countries.

Source: Associated Press


Copyright © 2012 Naharnet.com. All Rights Reserved. http://www.naharnet.com/stories/en/266239