Lebanese Lawmaker Frees $8,500 in Trapped Bank Deposits

Cynthia Zarazir, a member of the Lebanese parliament who entered a Byblos bank branch seeking her own savings, according to a depositors' advocacy group, stands inside a bank in Antelias, Lebanon October 5, 2022. (Reuters)
Cynthia Zarazir, a member of the Lebanese parliament who entered a Byblos bank branch seeking her own savings, according to a depositors' advocacy group, stands inside a bank in Antelias, Lebanon October 5, 2022. (Reuters)
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Lebanese Lawmaker Frees $8,500 in Trapped Bank Deposits

Cynthia Zarazir, a member of the Lebanese parliament who entered a Byblos bank branch seeking her own savings, according to a depositors' advocacy group, stands inside a bank in Antelias, Lebanon October 5, 2022. (Reuters)
Cynthia Zarazir, a member of the Lebanese parliament who entered a Byblos bank branch seeking her own savings, according to a depositors' advocacy group, stands inside a bank in Antelias, Lebanon October 5, 2022. (Reuters)

A Lebanese lawmaker entered a bank branch, accompanied by lawyers, and freed more than $8,000 in trapped dollar deposits on Wednesday to pay for surgery, her lawyer said.

Cynthia Zarazir, who was elected to parliament in May, is the latest in a growing number of angry depositors who have forced Lebanese lenders to unlock savings trapped under informal capital controls imposed in the face of an unprecedented financial crisis.

Zarazir, unarmed but with legal cover, entered her bank branch in a northern suburb of Beirut at around 9 am (0600 GMT) to demand $8,500 to pay for surgery costs not covered by her health insurance, her lawyer Fouad Debs said.

She exited hours later after the bank paid her the sum in cash, Debs and the official National News Agency said.

Several activists had gathered outside the bank to support Zarazir, whose plight echoes that of the many Lebanese who have been locked out of their savings by bank restrictions that have tightened since the start of the country's financial crash in 2019.

Commercial lenders have effectively banned most foreign currency transactions, forcing depositors to withdraw their savings in the plummeting Lebanese pound, which has lost more than 95 percent of its value against the dollar on the black market.

'Not beggars'
Also on Wednesday, a retired member of Lebanon's Internal Security Forces stormed a bank in Beirut's southern suburbs to demand access to $48,000 in dollar savings as well as 270 million Lebanese pounds from his pension.

He was unarmed.

"After negotiations with the bank's management, he managed to get all his Lebanese pound deposits and $3,000" in trapped dollar savings, said Ibrahim Abdullah, a spokesman for the Depositors Union advocacy group.

Meanwhile, dozens of protesters gathered outside the central bank headquarters in Beirut to demand access to their money, amid a heavy troop deployment.

"We came to claim our rights," said protester Houssam Machmouchi, 42.

"We are not beggars, we just want our money."

On Tuesday, a retired diplomat and honorary consul of Ireland, Georges Siam, carried out an all-day sit-in at a bank in the suburbs of Beirut to recover his savings before eventually reaching a compromise.

Almost simultaneously, at least two other armed bank heists took place in separate branches.

They included one by a retired policeman who held up a bank in eastern Lebanon to demand a money transfer to his son in Ukraine to help pay for rent and university tuition.

Lebanon's banks closed for a week after a series of heists on September 16. They have since reopened amid tight security.



US Defers Removal of Some Lebanese, Citing Israel-Hezbollah Tensions

Smoke billows from a site targeted by Lebanon's Hezbollah, along the northern Israeli border with Lebanon on July 25, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (AFP)
Smoke billows from a site targeted by Lebanon's Hezbollah, along the northern Israeli border with Lebanon on July 25, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (AFP)
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US Defers Removal of Some Lebanese, Citing Israel-Hezbollah Tensions

Smoke billows from a site targeted by Lebanon's Hezbollah, along the northern Israeli border with Lebanon on July 25, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (AFP)
Smoke billows from a site targeted by Lebanon's Hezbollah, along the northern Israeli border with Lebanon on July 25, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (AFP)

The United States is deferring the removal of certain Lebanese citizens from the country, President Joe Biden said on Friday, citing humanitarian conditions in southern Lebanon amid tensions between Israel and Hezbollah.

The deferred designation, which lasts 18 months, allows Lebanese citizens to remain in the country with the right to work, according to a memorandum Biden sent to the Department of Homeland Security.

"Humanitarian conditions in southern Lebanon have significantly deteriorated due to tensions between Hezbollah and Israel," Biden said in the memo.

"While I remain focused on de-escalating the situation and improving humanitarian conditions, many civilians remain in danger; therefore, I am directing the deferral of removal of certain Lebanese nationals who are present in the United States."

Israel and Iran-backed Hezbollah have been trading fire since Hezbollah announced a "support front" with Palestinians shortly after its ally Hamas attacked southern Israeli border communities on Oct. 7, triggering Israel's military assault in Gaza.

The fighting in Lebanon has killed more than 100 civilians and more than 300 Hezbollah fighters, according to a Reuters tally, and led to levels of destruction in Lebanese border towns and villages not seen since the 2006 Israel-Lebanon war.

On the Israeli side, 10 Israeli civilians, a foreign agricultural worker and 20 Israeli soldiers have been killed. Tens of thousands have been evacuated from both sides of the border.