Depositors storm 4 banks in Lebanon to demand frozen money

BEIRUT (AA) – Depositors stormed at least four banks in Lebanon on Tuesday to demand access to their savings amid a severe economic crisis in the country.

The Association of Depositors, an NGO that advocates rights of depositors, said a retired officer stormed an LBC Bank branch in the town of Chtoura in eastern Lebanon and held employees hostage 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% deduction of their salaries, the NGO said.

Another depositor broke into a Byblos Bank branch in the southern city of Tyre to demand retrieving his $44,000 savings to pay his debts, the association said.

It said the depositor surrendered himself to security forces after retrieving $9,000 from his account.

Another depositor staged a sit-in inside an IBL Bank branch in Hazmiyeh suburb, east of Beirut, to demand withdrawal of his frozen money.

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.

The decision has increased frustration levels of the hapless public, leading to such acts of desperation.