Lebanese unable to withdraw their money attacked banks

According to news and images in the Lebanese media, a “Depositors Cry” action was staged in front of at least 6 bank branches in the Badaro district of the capital Beirut.

The demonstrators, who set fire in front of the banks, threw stones and broke the windows of some branches. Making a statement after the incident, the Beirut Fire Department reported that the fires were quickly extinguished and the flames did not spread inside the branches.

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, deposit accounts in dollars in banks were frozen 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. While 1 US dollar was 20,000 Lebanese liras in January 2022, it is currently trading at 76,000 liras on the black market and exchange houses. (AA)