- Title: Lebanon banks to remain shut as protests paralyse country
- Date: 22nd October 2019
- Summary: BEIRUT, LEBANON (OCTOBER 22, 2019) (REUTERS) VARIOUS OF PROTESTERS MARCHING TOWARDS PROTEST OUTSIDE CENTRAL BANK, HOLDING LEBANESE FLAGS AND CHANTING PROTESTERS CHANTING OUTSIDE CENTRAL BANK (SOUNDBITE) (Arabic) PROTESTER OUTSIDE CENTRAL BANK, ALI ITANI, SAYING: ''People thinks that the economic situation will get worse because the banks are closed. That is not true. Whether they close or open it is the same thing. The Central Bank is stealing money on behalf of all the political elite. Private banks are owned by the politicians, not just the businessmen. Whether they open or closed because the interest they are making is for the benefit of the politicians not the people.'' VARIOUS OF SIT-IN PROTEST OUTSIDE BANK VARIOUS OF PROTESTER HOLDING SIGN READING (Arabic): ''Down with the central bank. You can go soak off the ink of your reform plan.'' VARIOUS OF PEOPLE TRYING TO WITHDRAW MONEY FROM ATM MACHINES VARIOUS OF BANKS IN BEIRUT CLOSED MAN AT ATM MACHINE AT CLOSED BANK (SOUNDBITE) (Arabic) LEBANESE TAXI DRIVER, HUSAM MNEIMNEH, SAYING: ''Listen, the economic situation is generally very bad, it was like this before so what difference does it make now (where the banks open or close)? It is the same thing. I say to all the people, you have been patient for thirty years so it is not going to make a difference if they are patient (with the closures) for another month or two or week or two.'' EMPTY STREET (SOUNDBITE) (English) SENIOR ADVISER TO PRIME MINISTER SAAD HARIRI, NADIM MUNLA, SAYING: "We wanted to send a very clear message about, that Lebanon is serious in handling its budget deficit and that's a very clear statement.'' MUNLA LISTENING WHILE JOURNALISTS ASK QUESTIONS JOURNALIST ASKING QUESTION (SOUNDBITE) (English) SENIOR ADVISER TO PRIME MINISTER SAAD HARIRI, NADIM MUNLA, DURING BRIEFING, SAYING: "I believe if Lebanon succeeds, like we are doing here, in relaying this very important message and there is a reversal in expectation and hopefully slowly interests rates can come down, that would be a very positive development in the markets, on the budget in the future and also on the overall atmosphere in the country that will hopefully lead to an increase in foreign direct investment." VARIOUS OF VEHICLES DRIVING IN STREET
- Embargoed: 5th November 2019 15:42
- Keywords: economy anti-government protests morning protests Tripoli politics Sidon Beirut Lebanon
- Location: BEIRUT, KAFR RUMMAN AND MARJAYOUN, LEBANON
- City: BEIRUT, KAFR RUMMAN AND MARJAYOUN, LEBANON
- Country: Lebanon
- Topics: Conflicts/War/Peace,Civil Unrest
- Reuters ID: LVA001B26J1HJ
- Aspect Ratio: 16:9
- Story Text:Lebanon's banks will remain closed for a fifth working day on Tuesday (October 22) amid national protests and banker concerns about a possible run on deposits.
A set of emergency reforms announced by the government of Prime Minister Saad al-Hariri on Monday (October 21) failed to assuage protester anger. The measures would have banks footing a big part of the bill for slashing the 2020 budget deficit to 0.6% of national output from a targeted level of around 7% in 2019.
Hariri said the central bank and commercial banks would contribute 5.1 trillion Lebanese pounds ($3.4 billion) to the deficit reduction, including through an increase in taxes on banks' profits.
Lebanon has been swept by days of protests against a political elite blamed for leading the country into an economic crisis that is entwined with strains in the financial system not seen since the 1975-90 civil war.
Hariri's senior adviser Nadim Munla said he expects foreign donors to react positively to the reforms, which he said show Lebanon was serious about cutting its budget deficit.
Hundreds of thousands of people have flooded streets across Lebanon since Thursday (October 17), furious at a political class they accuse of pushing the economy to the point of collapse.
The protesters have been blocking highways as part of the countrywide demonstrations which have united Lebanese from across the sectarian spectrum and have not been led by any of the parties that have long dominated politics.
Some main roads had reopened on Tuesday but they remained blocked in some areas.
(Production: Alaa Kanaan, Hassan Hankir, Karamallah Daher, Yara Abi Nader, Ayat Basma) - Copyright Holder: REUTERS
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