Beirut Stock Exchange suspends trading, cites central bank worker strike

The Beirut Stock Exchange suspended trading until further notice on Monday because clearance and settlement processes could not be carried out on time during a strike by central bank employees, the stock exchange said on its website.

The stock exchange said it had received a letter from Midclear stating it could not carry out the clearance and settlement process on time.

The trading suspension was “to protect the interest of all investors,” the stock exchange said.

Lebanese central bank employees went on strike on Monday over state budget proposals that would cut their benefits but said they may be ready to take a decision to “relieve” pressures caused by the move.

Saddled with one of the heaviest public debt burdens in the world, the Lebanese government is debating a draft budget for 2019 that the prime minister has said may be the most austere in the country’s history.