Arab Press

بالشعب و للشعب
Monday, Sep 01, 2025

Lebanese banks suspend strike at PM’s request; pound regains some value

Lebanese banks suspend strike at PM’s request; pound regains some value

Lebanon’s struggling banks on Friday decided to suspend their strike, which started earlier this month, for one week at the request of caretaker Prime Minister Najib Mikati.
The decision comes as many Lebanese, including civil servants, wait to receive their monthly pay.

Salaries are typically paid toward the end of the month, through bank accounts.

The Association of Banks in Lebanon also said that it realizes the gravity of the economic crisis and the need to secure banking services for citizens at the end of the month.

The announcement came as the Lebanese pound regained some value on the black market, trading at 79,000 pounds to the US dollar. It traded at 81,000 LBP/USD on Thursday.

An economic analyst expected the local currency to regain more value over the weekend.

However, any rise is likely to be temporary since it is not the result of monetary policy, the observer said.

The banks launched the strike on Feb. 7, objecting to judicial prosecutions — led by Mount Lebanon Public Prosecutor Judge Ghada Aoun — against a number of banks on charges of money laundering.

The association demanded an end to the prosecutions and the passing of the Capital Control Law as conditions for reopening.

The analyst indicated that the Public Prosecution Office of the Court of Cassation was in the process of drafting a judicial circular to define a specific mechanism for bank prosecutions.

The circular, which is expected in the coming days, will being an end to the controversy, the analyst said.

The decision to reopen banks came a day after Mikati told Interior Minister Bassam Mawlawi to instruct the security services to ignore Judge Aoun’s judicial orders and avoid making arrests.

This step aroused discontent within the judicial body, which believes that the principle of separation of powers has been violated.

It also alleged that the political authority was interfering with the judicial authority in sensitive cases such as the probe into the Beirut port explosion and the prosecution of banks.

Pro-bank politicians argued that Judge Aoun was making random accusations, based on political motives, which could end up destroying the banking sector in Lebanon.

With the approval of six judges and the objection of one, the Supreme Judicial Council Issued a statement, addressed to Mikati and Mawlawi.

The council said: “Pursuant to the principles of separation of powers and the independence of the judiciary, which are enshrined in the constitution and the law, we call on you to reverse the decision that violates these two principles.”

Also on Friday, political observers believed that the prosecution of Central Bank Gov. Banque Riad Salameh, and the referral of the investigation to the first investigating judge in Beirut, Charbel Abu Samra, might freeze the investigations of European judges into cases related to Salameh.

They believed that the move was coordinated to localize the investigation and protect Salameh from external allegations.

On Thursday, Beirut Public Prosecutor Judge Raja Hamoush charged Salameh, his brother Raja Salameh, and his assistant Marianne Howayek with forgery, embezzlement of public funds, violation of tax law, money laundering and illegal enrichment.

Judge Hamoush referred the case to Judge Abu Samra, asking him to interrogate the defendants and issue the necessary judicial warrants against them.

A judicial source told Arab News: “When Judge Abu Samra receives the case, the European judicial delegation would have to deal with him and no longer with the Public Prosecution Office.

“The Lebanese investigation may conflict with the European investigation, especially if the same crime is being investigated in Lebanon and abroad.

“The Lebanese judge can reject any request of the European delegation and the Public Prosecution Office would have to ask the European judicial delegation to postpone its visit to Beirut.”

A judicial delegation from Germany, France and Luxembourg in January began its investigations in Beirut in cases related to corruption, forgery, embezzlement, money laundering and transferring money to banks abroad.

During its stay in the Palace of Justice in Beirut for about a week, the delegation listened to 12 banking figures as witnesses, including former Finance Minister Raya Al-Hassan and former MP Marwan Khair El-Din, along with Salameh’s former deputies.

The judicial delegation was scheduled to return to Beirut for a second round of investigations to hear Salameh and several of his relatives.

The source stressed that Lebanon was committed to the UN Convention against Corruption, and is cooperating with the European delegation.

“However, the international agreement gave the Lebanese judiciary the full right to request the postponement of the international investigation in the event that Lebanon initiates an independent internal investigation into the same case.

“This legal outlet would postpone the return of the European judicial delegation to Beirut.”
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
×