Hundreds of Lebanese who have deposits in banks, reacted to the Central Bank circular restricting account withdrawals and demanded their money. Participants in the action organized by the “Civil Cry Depositors Association” described the Central Bank’s practice as “theft of their money.”

The protesters carried banners criticizing the monetary policy of the Central Bank Governor, Riyadh Salame, as well as all banks.

HARD DOLLAR EXHIBITORS

The protesters, who threw stones at the building and extorted dollars for the reaction, blocked the traffic flow for a while with the tires they burned. The protest also protested the severe depreciation of the Lebanese lira against the dollar, the mismanagement of the state and the chaos caused by uncontrolled prices.

The Central Bank of Lebanon announced in November 2021 that citizens can withdraw their currency from banks at the rate determined by the government, with some restrictions.

DEPOSIT ACCOUNTS IN DOLLARS Frozen

Events such as the anti-government demonstrations that began in Lebanon in October 2019, the resignation of the government, the Beirut port explosion, and the Covid-19 outbreak deeply affected the country’s economy.

In an environment of economic crisis that has lasted for about 3.5 years, deposit accounts in dollars in banks were frozen to prevent the melting of foreign currency reserves. While US$1 traded at 1,500 Lebanese liras in the country in 2019, the depreciation of the lira began to increase simultaneously with successive events.

Whereas 1 US dollar was 20,000 Lebanese liras in January 2022, it is currently trading at 56,000 liras on the black market and foreign exchange offices. (AA)