×

Subcribe to Mid-day Gold with just Rs. 899 /Year

Home > News > World News > Article > Depositors storm 4 Lebanese banks for their own money

Depositors storm 4 Lebanese banks for their own money

Updated on: 06 October,2022 09:38 AM IST  |  Beirut
Agencies |

hree-quarters of the population has plunged into poverty in an economic crisis that the World Bank describes as one of the worst in over a century

Depositors storm 4 Lebanese banks for their own money

Citizens oppose the move to lock their deposits, in Beirut. Pic/AFP


Lebanese depositors, including a retired police officer, stormed at least four banks in the cash-strapped country on Tuesday after banks ended a weeklong closure and partially reopened. Lebanon’s cash-strapped banks have imposed informal limits on cash withdrawals. Three-quarters of the population has plunged into poverty in an economic crisis that the World Bank describes as one of the worst in over a century.


The Lebanese pound has lost 90 per cent of its value against the dollar, making it difficult for millions across the country to cope with skyrocketing prices. Ali al-Sahli, a retired officer who served in Lebanon’s Internal Security Forces, raided a BLC Bank branch in the eastern town of Chtaura, demanding $24,000 in trapped savings to transfer to his son, who owes rent and tuition fees in Ukraine. “Count the money, before one of you dies,” al-Sahli said in a video message.



This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever


Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK