Summary
The Association of Banks in Lebanon agreed a set of temporary directives for commercial banks including a $1,000 cap on weekly cash withdrawals from U.S. dollar accounts, the association said Sunday, amid a worsening economic and political crisis.
Lebanon's bank staff union said it would extend to Monday a nationwide strike that began a week ago and that has kept banks shut.
Banks have been shut for much of the time since protests erupted on Oct. 17 . They briefly reopened this month but imposed strict controls on transfers abroad and caps on hard currency withdrawals, with each commercial bank appearing to set its own policy.
Investors in Lebanon's dollar-denominated notes have lost 30 percent this year, eclipsing the 27 percent decline for holders of Argentine securities.
...