Banks in Lebanon close again as citizens resort to holdups

BEIRUT (AA) - Banks in Lebanon were closed on Friday amid a rising number of holdups by people desperate to withdraw money from accounts frozen due to the country’s crippling financial crisis.

There has been a series of incidents at banks across Lebanon, including some where armed customers took people hostage at branches.

Banks were also closed for more than a week last month.

Since they reopened on Sept. 26, several incidents have taken place in various parts of the country.

On Wednesday, Lebanese lawmaker Cynthia Zarazir staged a protest at a private bank in Beirut to demand a portion of her frozen funds to pay for surgery.

Due to the rising insecurity, bank operations will be suspended throughout the country for one day, the Association of Banks in Lebanon said.

Since 2019, Lebanon has been grappling with a severe economic crisis that, according to the World Bank, is one of the worst globally since the mid-19th century.

More than half of the population has been pushed below the poverty line as the Lebanese pound has lost more than 95% of its value, while unemployment is soaring and inflation rates remain in triple digits.

Banks in the country have imposed strict restrictions on local and foreign currency withdrawals, especially in dollars.

​​​​​​​*Ikram Imane Kouachi in Ankara contributed to this report