Lebanese banks have begun an open-ended strike, although ATMs will remain open, a development that comes after a meeting of the Association of Banks in Lebanon (ABL).
Recent judicial developments were discussed at the general meeting.
A court last week ruled in favour of a couple who had been involved in a dispute with Lebanon's Fransabank over their blocked deposits.
The Court of Cassation had ordered that the couple be paid in cash, rather than a cheque — which would have been at a much lower value.
Since an economic crisis that first became apparent in 2019, informal capital controls have been imposed on depositors, some of whose life savings have evaporated.
For those holding US dollar accounts, not only are their withdrawals capped but they can take out cash in the Lebanese pound only and at a rate far below the parallel market, which is a more accurate reflection of its value.
The financial meltdown has been blamed on decades of mismanagement by Lebanon’s ruling classes, including its banking system and the central bank.
The ABL met on Monday to discuss “recent decisions” and judicial measures and “their impacts on banking workflow and the rights of depositors”.
It criticised the ruling of the Court of Cassation, arguing it was impossible for banks to pay out to all depositors in full.
“Any individual solution, even if it seems to some that it constitutes a victory … is at the expense of all depositors,” the ABL said.
“For the 1,000th time, the crisis is not a crisis of one bank or even of all banks, but rather a crisis that affects the entire financial and banking system,” including Lebanon’s central bank, it added.
The ABL also urged Lebanon to pass a capital control law, formalising the cash withdrawal restrictions.
The latter is a key demand by the International Monetary Fund for Lebanon to access a $3 billion bailout. The IMF has criticised the slow pace Lebanon has taken to implement those steps, as part of a staff-level deal signed in April.
Since 2019 the local currency has plunged in value by more than 95 per cent. Salaries have failed to meet soaring inflation, with much of the population now in poverty, unable to obtain basic goods and necessities.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club
- 1st ODI, Wednesday, April 10
- 2nd ODI, Friday, April 12
- 3rd ODI, Sunday, April 14
- 4th ODI, Sunday, April 16
Squads:
- UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
- Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
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The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
New schools in Dubai
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
