Attack on bank branches in Lebanon

The group, which came together in Beirut, the capital of Lebanon, damaged the banks because they could not withdraw the money from their accounts.

Events such as the demonstrations that started in October 2019 in Lebanon, the resignation of the government, the port explosion in Beirut, and the coronavirus epidemic deeply affected the country’s economy.

In an environment of economic crisis that has been going on for about 3.5 years, the government decided to freeze the dollar deposit accounts in banks in order to prevent the melting of foreign exchange reserves.

While 1 US dollar was traded at 1500 Lebanese lira in the country in 2019, the depreciation of the local currency increased simultaneously with the successive developments.

The Lebanese lira has lost more than 98 percent of its value since the crisis began in 2019.

While 1 US dollar was 20 thousand Lebanese lira in January 2022, it is currently traded at 94 thousand liras in the black market and foreign exchange offices.

Can’t withdraw money for 3 years

The depositors, who could not withdraw their money because their deposit accounts were frozen by the government for 3 years, also attacked some private bank branches in Beirut.

Upon the call of the Cry of the Depositors, some bank victims gathered in the Sin el Fil region of Beirut.

The demonstrators gathered in front of two private bank branches here, burned tires and closed the road to vehicle traffic. Some depositors attacked the banks with stones and broke their windows.

Banks have suffered

After the demonstration turned into violence and damaging the banks, the security forces intervened. The action ended after the police and soldiers arrived in front of the bank.

Ece Nagihan

Hi, I'm Ece. I am a writer for Expat Guide Turkey and I strive to create the best content for you. To contact me, you can send an e-mail to Happy reading!

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