Banks Flee Hezbollah Controlled Areas Fearing Sanctions


As rumors of further US sanctions against the Lebanese Central Bank and 12 other Lebanese banks that deal with Hezbollah are circulating, the financial struggles of Hezbollah have reached unprecedented new heights.

Sources revealed to the Kuwaiti newspaper “Al-Siyasa” that several banks are in the process of closing down their branches that are located in Hezbollah controlled areas in anticipation of new potential US sanctions related decisions. This policy also comes in the context of reducing their losses in light of the pressing economic crisis facing the banking sector and the economy as a whole in Lebanon.

Lebanese banks thus far displayed a full commitment in adherence to the provisions of these sanctions. In so far as it relates to closing down all financial accounts belonging to Hezbollah officials and known collaborators. As concerns over potential upcoming sanctions grow, these banks are closely monitoring the situation and considering reducing their presence in Hezbollah controlled or Hezbollah majority areas.

Meanwhile, sources tell Janoubia that some banks have already started abandoning their rental properties in cities and towns across the south of Lebanon in order to reduce the burden incurred by rent coupled with declining productivity. These branches are no longer able to cover their expenses that include rent, electricity, salaries, and wages in the midst of declining business caused by the economic crisis in Lebanon.   

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