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Protesters in Lebanon set fire to banks over restrictions on cash withdrawals

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Protesters in Lebanon set fire to six banks across a Beirut neighbourhood on Thursday in a statement against informal restrictions on cash withdrawals and rapidly deteriorating economic conditions.

Since 2019, Lebanese banks have imposed restrictions on withdrawals in U.S. dollars and Lebanese pounds that have never been formalized by law, leading depositors to seek access to their accounts through lawsuits and by force.

The Lebanese pound has lost more than 98 per cent of its value since the country’s financial sector imploded in 2019. The country’s central bank has struggled to manage the crisis.

Lebanon made a first step towards securing an International Monetary Fund (IMF) bailout in April 2022 but, nearly a year later, has failed to carry out any reforms needed to finalize it.

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Category
U.S. & Canada
Tags
Banks attacked in Lebanon, Beirut, Lebanese pound
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