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December 02
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Lebanese banks have unanimously decided to close their doors to customers indefinitely after a series of robberies by depositors trying to get their own money frozen in accounts due to the country's financial crisis, Reuters reported citing bankers.

Banks will continue emergency operations for customers and back-office services for businesses, but front-office services will be suspended after more than a dozen robberies in less than a month.

Banks closed for about a week last month under similar circumstances, but reopened in early October to allow employees to withdraw their paychecks.

The government has made little progress on reforms that would open access to International Monetary Fund financial aid to ease the crisis caused by decades of wasteful spending and corruption.

Now in its third year, Lebanon's financial collapse has collapsed the currency by more than 90%, spread poverty, paralyzed the financial system, and deprived depositors of their savings in the most destabilizing crisis in Lebanon since the 1975-90 civil war.

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