Lebanese unable to withdraw money from their accounts attacked bank branches

Depositors, unable to withdraw their money because the government froze their deposit accounts for 3 years in Lebanon, attacked some private bank branches in the capital, Beirut.

At the call of the “Crying of depositors”, some bank victims gathered in the Sin el Fil region of Beirut.

The protesters gathered in front of two branches of a private bank here, burned tires and closed the road to vehicle traffic.

Some depositors attacked the banks with stones and broke their windows.

After the demonstration turned violent and damaged banks, security forces intervened.

The action ended after the police and military arrived in front of the bank.

THE ECONOMIC CRISIS IN LEBANON

Events such as the 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, the government has tried to freeze deposit accounts in dollars in banks to prevent the melting of foreign currency reserves.

While 1 US dollar was trading at 1,500 Lebanese lira in the country in 2019, the depreciation of the local currency increased simultaneously with successive developments.

The Lebanese lira has lost more than 98 percent of its value since the crisis began in 2019.

While 1 US dollar was 20,000 Lebanese liras in January 2022, it is currently trading at 94,000 liras on the black market and exchange houses. (AA)