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After unprecedented shutdown, Lebanon’s banks reopen, mitigate nationwide panic

Lebanese banks have been shut for two weeks straight, not only because of the unprecedented nationwide protests but also because of the accumulation of an unresolved economic crisis.

The two-week closure of Lebanon’s banks during historic protests that prompted the resignation of Prime Minister Saad Hariri Oct. 29 has restricted the movement of finances within and out of the country. But despite the enormity of the political and economic crisis, banks proved competent in managing fear upon their reopening Nov. 1.  

“Banks in Lebanon managed a huge challenge very effectively, making what was expected to be a catastrophic day, [relatively] benign,” Dan Azzi, former CEO of Standard Chartered in Lebanon and Harvard fellow, told Al-Monitor. 

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