The Beirut Stock Exchange said Monday (May 6th) it had been forced to halt trading because of an open-ended strike by Central Bank employees over proposed cuts to their benefits, AFP reported.
It said it would halt operations until further notice as it could not clear and settle trades because of the strike, which started Saturday.
"To protect the rights of investors, the Beirut Stock Exchange has decided to stop trading," it said in a statement.
No shares changed hands on the exchange on Monday, it said on its website.
Central Bank employees say they are protesting a decision to slash their benefits as part of a new austerity package being studied by cabinet ahead of this year's budget.
Representatives of their syndicate met with Central Bank governor Riad Salame on Monday, the syndicate said in a statement, adding that it would decide on its next steps during a Tuesday meeting.
Other public sector employees have resorted to similar measures against possible austerity measures in recent weeks.
Public sector strikes on Monday handicapped the Beirut Port, the National Social Security Fund, and other state-run bodies, as cabinet met to discuss the austerity package, according to Lebanon's National News Agency.
Lebanon has vowed to slash public spending to unlock $11 billion worth of aid pledged by international donors during an April 2018 conference in Paris.
Last month, Prime Minister Saad al-Hariri vowed to introduce "the most austere budget in Lebanon's history" to combat the country's bulging fiscal deficit, sparking fears among public sector employees that their salaries may be cut.
