November 29
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Lebanon's banks will reopen on Monday, the banking association said, after five days of closures following a wave of detentions in the country of depositors seeking access to their frozen savings, Reuters reported.

The association said in a statement Sunday that the decision to reopen was made after considering the current difficult security environment and the need to maintain the safety of both customers and employees in the absence of adequate government protection.

He added that each bank will identify its own channels for banking operations with commercial and educational institutions, the health sector and others.

A leading Lebanese banker on Friday criticized politicians for failing to pass a capital control law, saying it was a way to avoid raids on banks by depositors demanding funds from frozen accounts and to stop "discretionary practices" by banks.

The delays reflect depositor desperation three years after Lebanon's financial system collapsed due to decades of government corruption and wastefulness, as well as unsustainable financial policies.

The government has not agreed to a financial recovery plan or to reforms deemed vital to Lebanon's recovery from the crisis. Although the government says it is committed to reforms, the International Monetary Fund claims that progress remains very slow.

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