Another String of Bank Hold-Ups Erupt Across Lebanon
Lebanese depositors, including a retired police officer and a former Ambassador to Turkey, stormed at least four banks across Lebanon demanding their savings on Tuesday after banks ended a week-long strike and partially reopened last week.
Facts
- Lebanese depositors, including a retired police officer and a former Ambassador to Turkey, stormed at least four banks across Lebanon demanding their savings on Tuesday after banks ended a week-long strike and partially reopened last week.
- Bank hold-ups were reportedly carried out against branches of the Lebanese Bank of Commerce, the First National Bank, the Byblos Bank, and the Intercontinental Bank of Lebanon. Depositors have had mixed results in obtaining funds.
- This comes a day after a man named Zaher Khawaja stormed a BLOM Bank branch in Haret Hreik, in the southern suburbs of Beirut, managing to withdraw about $11K in savings.
- Though many in Lebanon support the depositors, the banks have condemned the hold-ups and blamed the government for the financial crisis, urging it to enact reforms and strike a deal with the International Monetary Fund.
- The recent spree of bank hold-ups started last month after Sali Hafez, a young activist, stormed a bank in Beirut demanding her money to fund her sister's life-saving treatment. This led to a string of break-ins over the course of two days before the banks went on strike and closed their doors.
- Depositors have been locked out of much of their savings as banks have frozen accounts and put limits on withdrawals since the country spiraled into a severe economic crisis in late 2019. Since then, the Lebanese pound has lost over 90% of its value and its official exchange rate is set to shift from 1.5K to 15K to the dollar on Nov. 1.
Sources: Associated Press, Lorient Le Jour, Naharnet, Improve the News, and Al-Monitor.
Narratives
- Narrative A, as provided by Al Jazeera. These depositors recouping their funds are heroes, and their actions represent the frustrations of an entire nation deprived of its savings for nearly three years. As millions of Lebanese have been thrown into poverty by corrupt politicians and bank owners, desperate measures are a form of retribution for this injustice.
- Narrative B, as provided by FDD. While the depositors' actions may seem noble to some, they, like many others inside and outside Lebanon, are blaming the wrong people. It's the outside influence of Iran, as well as Hezbollah, that has pushed Lebanon to the brink. The Lebanese people must acknowledge this to truly move forward and fix their country.
