Protests In Lebanon As Depositors Are Unable To Withdraw Their Money

Due to the current economic crisis in Lebanon, frustrated customers who were unable to withdraw their money stormed a number of banks in the capital, Beirut, and set several of them on fire. These acts were in protest against the restrictions put on money withdrawal.

But why are banks prohibiting withdrawal transactions? According to BBC, banks have severely restricted clients’ withdrawals of their US dollar deposits since 2019 as a result of the Lebanese economy weakening at the same time as the currency’s depreciation. Over the last three years, the Lebanese currency itself has lost more than 98 percent of its value.

As a result, angry demonstrators attacked a number of banks in Beirut, on Thursday, after the Lebanese pound recorded a new record decline, amid a worsening economic crisis plaguing the country.

The attacks then came in response to calls by a group that supports depositors’ efforts to withdraw their money from banks called “Depositors’ rage.” These are not the first incidents as some depositors had carried out similar attacks over the past months, demanding their money from banks that had closed their doors repeatedly for several days.

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