Lebanese bank workers let go as currency crash bites

Aran News Saudi Arabia09 Nov, 2021News

BEIRUT: Lebanese banks are quietly letting employees go as they seek to close branches and reduce operational costs amid the collapse of the local currency, the Lebanese pound. It comes after the country?s central bank tightened regulations against commercial banks. While some are downsizing domestically, other banks are opting to sell assets abroad. The number of branches estimated to have closed ranges between 300 and 400 out of a total 1,100. Employees and contractors have been the first to feel the effects of the decisions.