Lebanon's banking association on Friday said that banks would start a strike on Monday due to what it called a rise in "populist, harmful postures" against the industry and increasing legal pressure on the sector.

The association said that these unusual circumstances, like this week's arrest of the head of Lebanon’s CreditBank, had reached an intolerable level, despite the banks' best efforts to adapt, even at their own expense.

"Banks are no longer able to put up with the damaging and populist attitudes that affect both the economy and them. They are compelled to make a public announcement that serves as an invitation to everyone to address the situation seriously and responsibly in a bid to make progress toward true recovery," it said. 

The General Assembly of Banks will convene on August 10 to adopt any stance it deems appropriate.