- i24news
- Middle East
- Economy
- Lebanese protesters smash up, burn Beirut banks
Lebanese protesters smash up, burn Beirut banks
'They stole, seized and looted our money three years ago... There is no other solution. We will escalate until we regain our rights'
On Thursday, several Lebanese protestors attacked banks in a neighborhood of Beirut while blocking highways to bring attention to the rapidly deteriorating economic situation and long-standing informal limitations on cash withdrawals.
As the Lebanese pound hit a new record low on Thursday, at least six institutions have been targeted, according to a representative of Depositors Outcry, a lobbying group for depositors with money trapped in the nation's financial system. Firefighters sprayed water on a burning bank in the Badaro neighborhood while riot police stood close with shields.
"They stole, seized and looted our money three years ago," said protester Pascal al-Raisi, according to AFP. "There are owners of millions of dollars among us without even a penny in their pockets.
“There is no other solution. We will escalate until we regain our rights."
This comes as Lebanon's cash-strapped banks have imposed strict withdrawal restrictions, barring depositors from accessing their savings, especially those in U.S. dollars. Since the collapse of the nation's financial system in 2019, the value of the Lebanese pound has decreased by more than 98 percent. It was trading at almost 80,000 pounds per dollar on Thursday, down from 70,000 pounds only two days before.
Lebanon made a first step towards securing an International Monetary Fund bailout in April 2022 but, nearly a year later, still needs to carry out the reforms necessary to finalize it.