International

Lebanese protesters turn their ire on banks

Lebanon is facing its worst economic crisis in decades, while protests against corruption and mismanagement have gripped the country since October

Dozens of Lebanese protesters held a brief sit-in inside a bank in Beirut and another in the country’s south on Saturday, part of their focus on banking policies they complain are inefficient and corrupt.

Lebanon is facing its worst economic crisis in decades, while protests against corruption and mismanagement have gripped the country since October.

The local currency has taken a nose dive, losing more than 40% of its value after over 20 years of being pegged to the dollar. Banks are imposing unprecedented capital controls to protect their deposits amid a deepening confidence crisis.

Dozens of protesters entered a private bank in the commercial Hamra district in Beirut, protesting capital controls and insisting that no one would leave without the money they came for.

Banks have put a withdrawal ceiling of $200 a week on most accounts, while totally blocking outside transfers.

The protesters later helped a woman with a cane get to the second floor, again shouting that she wouldn’t leave until she got the money she needs. The protesters posted videos of their actions on a Twitter account linked to the protest movement.

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Printable version | Feb 25, 2020 5:27:54 AM | https://www.thehindu.com/news/international/lebanese-protesters-turn-their-ire-on-banks/article30421532.ece

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