• Short Summary

    ALL OF THE 93 GOVERNMENT ACCREDITED BANKS IN THE LEBANON YESTERDAY (MONDAY) CLOSED THEIR DOORS FOR THREE DAYS ON A GOVERNMENT ORDER.

  • Description


    INTRA BANK'S DOORS SHUT IN BEIRUT; SECURITY FORCES PATROL OUTSIDE; OTHER BANKS' DOORS CLOSED; INTRA'S LONDON OFFICE CLOSED.




    Initials RGH/VS/MGT/BB



    Script is copyright Reuters Limited. All rights reserved

    Background: ALL OF THE 93 GOVERNMENT ACCREDITED BANKS IN THE LEBANON YESTERDAY (MONDAY) CLOSED THEIR DOORS FOR THREE DAYS ON A GOVERNMENT ORDER. THE EDICT FOLLOWED A SUDDEN CRISIS IN ONE OF THE LEBANON'S MAJOR BANKS, INTRA, WHICH CLOSED ITS DOOR ON SATURDAY AFTER A RUN OF WITHDRAWALS.

    THE CLOSURE WAS ORDERED BY A GOVERNMENT MEETING HELD UNDER PRESIDENT CHARLES HELOU TO ENABLE THE CENTRAL BANK TO LOOK INTO THE QUESTION OF THE CASH LIQUIDITY OF ALL THE BANKS.

    BEFORE INTRA CLOSED ON SATURDAY, IT HAD PAID OUT SOME 112-MILLION LEBANESE POUNDS (ABOUT GBP13.2 MILLION STERLING) INCLUDING WITHDRAWALS BY BIG SAUDI ARABIAN AND KUWAIT DEPOSITORS.

    THERE WAS A BRIEF PANIC BY SMALL DEPOSITORS AND SECURITY FORCES WERE CALLED IN TO PREVENT CROWDS FROM TRYING TO BREAK INTO THE BANK. A NUMBER OF LEBANESE IMMIGRANTS IN WEST AFRICA RETURNED TO BEIRUT YESTERDAY WITH ANXIOUS INQUIRIES.

    HOWEVER, THE LEBANESE GOVERNMENT ANNOUNCED THAT THE FINANCIAL SITUATION WAS SOUND DESPITE THE BANK CRISIS.

    THE BANKS CLOSED YESTERDAY WERE 73 NATIONAL BANKS AND 20 FOREIGN BANKS IN THE LEBANON, THE MIDDLE EAST'S PRINCIPAL BANKING CENTRE.

    IN LONDON, THE INTRA BANK'S BRANCH TEMPORARILY STOPPED BUSINESS YESTERDAY AND ITS BRANCHES AND FRANKFURT WERE ALSO CLOSED.

  • Tags

  • Data

    Film ID:
    VLVA5HUPESN55504U2YMUZFI77ZI9
    Media URN:
    VLVA5HUPESN55504U2YMUZFI77ZI9
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    18/10/1966
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:40:00
    Time in/Out:
    /
    Canister:
    N/A

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