Banks in Lebanon are unlikely to discontinue offering ATMs despite criticism

 


On Monday, a banking industry expert ruled out the prospect of banks discontinuing all ATM operations totally since such a move might have unintended consequences.

The Association of Banks is anticipated to decide on Wednesday about the availability of ATM services starting on Thursday.

The Lebanese pound, however, hit a record low, selling for 68,000 LBP per USD by Monday afternoon on the underground market.

"Bank administrations are committed to defending the interests of depositors and people at this crucial juncture," stated Fadi Khalaf, secretary-general of the Association of Banks.

The banks are adamant about taking all required precautions to stop fraud that hurts depositors and the economy.

Khalaf emphasised that banks were depending on a fair judicial system to end the problem.

Khalaf made his remarks after Mount Lebanon Public Prosecutor Judge Ghada Aoun made the decision on Monday to bring money laundering charges against Bank Audi, Bank Audi Group CEO Samir Hanna, and Deputy Group CEO Tamer Ghazaleh.

Aoun forwarded the case to Nicolas Mansour, the Mount Lebanon Court of Appeal's first investigating judge, asking for an inquiry and the issue of the required arrest warrants.

The numerous complaints lodged against Lebanon's banks, according to the People Want to Reform the System organisation, are what prompted Aoun to take this action.

One of the most contentious judges in Lebanon, Aoun is thought to be affiliated with the Free Patriotic Movement.

The MPs who wish to take part in a legislative session to adopt the capital control bill have come under fire from the association.

The developments occur while the judicial noose around banks, bankers, the governor of the central bank, and their henchmen in authority grows tighter due to allegations of money laundering, misappropriation of public funds, withholding deposits, and writing off bank losses at depositors' expense.

The Depositors' Association has threatened to sue banks that close, accusing them of disrupting a public utility, harming the remaining financial stability and social security, and defaming the reputation of the judiciary. The Depositors' Association has warned banks against closing.

Hundreds of cases were previously brought by the group in Lebanon and other countries against banks and bankers.


The Arab Posts

The Arab Posts gives you today’s stories behind the headlines, with full global coverage of what is happening around the world with a focus on the Middle East

Post a Comment

Previous Post Next Post