Lebanese depositors destroy and burn banks in Beirut

On Thursday, a number of Lebanese protestors assaulted banks in a district of Beirut while blocking highways in an effort to bring attention to the rapidly deteriorating economic situation and long-standing informal limitations on cash withdrawals.

As the Lebanese pound hit a new record low on Thursday, at least six institutions have been targeted, according to a representative of Depositors Outcry, a lobbying group for depositors with money trapped in the nation's financial system.

Firefighters sprayed water on a burning bank in the Badaro area while riot police stood close with shields.

Since 2019, Lebanese banks have placed limitations on withdrawals made in US dollars and Lebanese pounds that were never formally codified by law. As a result, depositors have been forced to sue to get access to their money.

Since the collapse of the nation's financial system in 2019, the value of the Lebanese pound has decreased by more than 98 percent. On Thursday, it was trading at almost 80,000 pounds per dollar, down from 70,000 pounds only two days before.

A request for comment regarding the reasons the pound fell and what the country's central bank was doing to solve the problem went unanswered by the institution, which has battled to control the crisis.

The prime minister of Lebanon's office reported that efforts were being made to improve the nation's financial situation.

In April 2022, Lebanon took the first step towards obtaining a bailout from the International Monetary Fund, but more than a year later, it has still not implemented the measures required to complete it.

Comments

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