The ongoing economic crisis in Lebanon has led to a new wave of protests and attacks on banks. On Thursday, dozens of Lebanese protesters blocked roads and attacked several banks in a Beirut neighborhood, expressing their anger at the informal restrictions on cash withdrawals that have been in place for years, as well as the rapidly deteriorating economic conditions.
Since 2019, Lebanese banks have imposed restrictions on withdrawals in U.S. dollars and Lebanese pounds, which were never formalized by law, leading to depositors seeking access to their funds through lawsuits and often by force. The Lebanese pound has lost more than 98% of its value since the country’s financial sector imploded in 2019. It was changing hands at around 80,000 pounds per greenback on Thursday, dropping from 70,000 pounds just two days earlier.
The protesters are demanding the Lebanese government to provide solutions to the worsening economic crisis and address the informal restrictions on cash withdrawals. The situation has worsened over the past year, with Lebanon failing to carry out the necessary reforms to secure an International Monetary Fund bailout, which was first proposed in April 2022.
The ongoing economic crisis in Lebanon has caused widespread poverty and unemployment, with many people struggling to provide for their basic needs. The Lebanese government has been criticized for its lack of action to address the situation, with many accusing it of corruption and mismanagement.
The attacks on banks are a result of the growing frustration and anger of the Lebanese people at the lack of solutions to the ongoing economic crisis. While violence is never the answer, the Lebanese government needs to take urgent action to address the concerns of the people and provide concrete solutions to the economic crisis.
The ongoing economic crisis in Lebanon is a reminder of the importance of strong and effective economic policies and management. It is also a reminder of the devastating impact that economic instability can have on the lives of ordinary people. The situation in Lebanon should serve as a warning to other countries to prioritize sound economic policies and management to prevent similar crises from occurring.
The Lebanese government needs to take urgent action to address the concerns of the people and provide concrete solutions to the economic crisis. The situation in Lebanon is a reminder of the importance of strong and effective economic policies and management, and a warning to other countries to prioritize sound economic policies and management to prevent similar crises from occurring.
Coverage and Additional Reporting by Susan Almadi
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