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Depositors storm 3 banks in Lebanon to demand frozen money

Unarmed Lebanese man manages to withdraw money from his bank account

October 4, 2022 at 2:12 pm

Depositors stormed at least three banks in Lebanon on Tuesday to demand access to their savings amid a severe economic crisis in the country, Anadolu News Agency reports.

The Association of Depositors, an NGO that advocates the rights of depositors, said a retired officer stormed an LBC Bank branch in the town of Chtoura in eastern Lebanon and held employees, to demand the withdrawal of $24,500 from his account.

The depositor was reportedly arrested by security forces.

Employees from the Kadischa Electricity Company also stormed the First National Bank branch in the northern city of Tripoli to protest a 3 per cent deduction of their salaries, the NGO said.

A Lebanese depositor also broke into the Byblos Bank branch in the southern city of Tyre to demand retrieving his $44,000 savings, the Association said.

Last month, at least eight storming attempts were reported in Lebanon, during which depositors managed to recover amounts from their frozen funds.

Lebanon has been grappling with a severe economic crisis since 2019, leaving most people locked out of their bank accounts.

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