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.
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