BEIRUT: The Beirut Stock Exchange suspended trading on Monday due to the open strike declared by employees of Lebanon’s central bank.
Hundreds of Lebanese public employees are on strike amid concerns that their salaries and benefits might be cut as the government discusses an austerity budget.
A statement posted on the stock market’s website Monday said the clearance and settlement of transactions cannot be done on time “during the period of open strike.”
“In order to protect the interest of all investors, the Beirut Stock Exchange declares the suspension of trading in its markets till further notice,” it said.
Employees of the Lebanese central bank will decide their next step regarding the strike at a meeting on Tuesday, the head of their syndicate Abbas Awada said.
In an interview with the Lebanese broadcaster Al-Jadeed, Awada said “a positive decision” may be taken to “facilitate matters” but added that if the government approved the budget in its existing form “we will proceed in an open strike.”
Awada said there had been negative effects and pressure “on the market, on the governor of the central bank, and on all Lebanese,” so “we might have a little positivity to relieve the matter.”
He said central bank governor Riad Salameh opposed the strike action and had asked for it to be lifted.
The draft budget has proposed annulling performance-linked bonuses paid in some state-run institutions including the central bank. In some cases, these have amounted to several months extra salary a year.
from Business & Economy http://bit.ly/2DVsBBw
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