Protests and Bank Attacks Erupt in Lebanon Amid Economic Crisis and Currency Depreciation

The worsening economic crisis in Lebanon has led to violent protests in Beirut, where several banks have been attacked and streets blocked.

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Burned banks and blocked streets are the product of several protests that have taken place in Beirut, capital of Lebanon, due to the fact that financial institutions are denying savers access to their money.

Six banks were attacked in the demonstrations. The action of the people was also influenced by the depreciation of the pound (national currency).

The economic crisis worsened in Lebanon, following the increase in the exchange rate of the national currency from 1,500 pounds to the dollar to 15,000 pounds, representing a devaluation of its fiat currency by more than 90%, at the beginning of this month, a fact reported by CryptoNews.

The decision to adopt a new official exchange rate was due to the demand of the International Monetary Fund (IMF) in order to grant it a USD 3 billion loan. However, Lebanon has so far failed to meet all the requirements to receive the funds from the international organization.

The Lebanese Depositors Association is one of the main drivers of the protests. In their account on the social network Twitter they have expressed “depositors rise up and the parties lie and steal”.

This scenario of crisis and attacks against banks is not the first time it has happened in Lebanon, a country that has serious economic problems since 2019.

In August last year, a man took several customers and employees of a bank hostage as a way of demanding their money back.

As chaos grips Lebanon, food and fuel prices rise, in a country that has been without a president since October 2022.

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