Lebanese central bank employees went on strike on Monday over state budget propo...
BEIRUT - Lebanese central bank employees went on strike on Monday over state budget proposals that would cut their benefits but Prime Minister Saad al-Hariri said failure to pass a “realistic” budget would be like a “suicide operation” against the economy.
“We can’t continue in this situation and that doesn’t mean we will collapse tomorrow,” Hariri said, adding that Lebanon was “far from bankruptcy”. The public sector wage bill is the state’s biggest expense, followed by the cost of servicing the public debt. Army retirees have been among the opponents of the draft budget, which they fear may target some of their benefits.
Syndicate head Abbas Awada, in an interview with the broadcaster al-Jadeed, said a decision on next steps would be taken at their general assembly meeting on Tuesday, but said they may take “a positive decision” to relieve the situation. Central bank governor Riad Salameh had earlier convened a meeting with central bank employees where it was agreed to open Lebanese pound pricing operations against foreign currencies and to reopen financial transfers, the state-run National News Agency reported. The pound is pegged against the U.S. dollar.
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