LEBANON

Banks close indefinitely after «attacks» by people demanding to withdraw their funds in the face of the crisis

Banks in Lebanon will close their doors indefinitely following "attacks" in recent days, the Association of Banks in Lebanon (ABL) has announced, after the latest incidents in which a number of people broke into branches to demand the withdrawal of their funds in the face of restrictions on the delivery of cash due to the crisis.


A Lebanese policeman in front of a bank window in the capital Beirut. - Marwan Naamani/dpa© Provided by News 360

"In the face of the attacks on banks, all banking agencies in the country will close their doors and focus for now on guaranteeing their services through ATMs for individuals and customer service for companies," the organization said.

NOT ROBBERY; EXPROPRIATION

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ABL sources quoted by the Lebanese daily 'L'Orient le Jour' have pointed out that several banks had already closed their doors during the day on Thursday in the face of the latest incidents, following the three-day closure in September to protest recent violent incidents in several branches in the country, where several people have burst in armed or by force to manage to withdraw part of their savings.

The entities have imposed since 2019 tough restrictions on the withdrawal of foreign currency in the face of the severe economic crisis in the country, which has effectively led to an impediment for many people to withdraw their savings, at a time when about three quarters of the population have fallen below the poverty line.

The country has been plunged into a serious crisis for years, a situation deepened by the August 2020 explosions in the port of the capital, Beirut, the coronavirus pandemic and the political situation, with tensions that have paralyzed the government for months. In addition, the Lebanese pound has plummeted over the past few months, leading the World Bank to state in June 2021 that the crisis is one of the worst recorded globally since the mid-19th century.