عربي English Türkçe اردو فارسى
Logo
Latest News
Arab World

Lebanese Depositors Smash Up, Burn Beirut Banks

File photo: People queue outside a bank in Beirut on March 29, 2020. (AFP)
File photo: People queue outside a bank in Beirut on March 29, 2020. (AFP)
TT
20
TT

Lebanese Depositors Smash Up, Burn Beirut Banks

File photo: People queue outside a bank in Beirut on March 29, 2020. (AFP)
File photo: People queue outside a bank in Beirut on March 29, 2020. (AFP)

Several dozen Lebanese protesters attacked banks in a Beirut neighborhood on Thursday, while blocking roads protesting against informal restrictions on cash withdrawals in place for years and rapidly deteriorating economic conditions.

At least six banks had been targeted as the Lebanese pound hit a new record low on Thursday, a spokesperson for Depositors Outcry, a lobby representing depositors with money stuck in the country's banking sector, said.

A bank in the Badaro neighborhood smoldered as firefighters sprayed water, while riot police stood nearby with shields, Reuters said.

Since 2019, Lebanese banks have imposed restrictions on withdrawals in US dollars and Lebanese pounds that were never formalized by law, leading depositors to seek access to their funds through lawsuits and often by force.

The Lebanese pound has lost more than 98% of its value since the country's financial sector imploded in 2019. It was changing hands at around 80,000 pounds per greenback on Thursday, dropping from 70,000 pounds just two days earlier.

The country's central bank, which has struggled to manage the crisis, did not respond to a request for comment on why the pound had crashed and what it was doing to address the issue.

The office of Lebanon's prime minister said work was ongoing to remedy financial conditions in the country.

Lebanon made a first step towards securing an International Monetary Fund bailout in April 2022 but, nearly a year later, has failed to carry out the reforms needed to finalize it.

Most Viewed

 
Arab World

Security Council Urges Syrian Authorities to Protect Minorities

Security personnel inspect vehicles at a checkpoint set up to confiscate stolen items, in Latakia, Syria March 14, 2025. REUTERS/Khalil Ashawi
Security personnel inspect vehicles at a checkpoint set up to confiscate stolen items, in Latakia, Syria March 14, 2025. REUTERS/Khalil Ashawi
TT
20
TT

Security Council Urges Syrian Authorities to Protect Minorities

Security personnel inspect vehicles at a checkpoint set up to confiscate stolen items, in Latakia, Syria March 14, 2025. REUTERS/Khalil Ashawi
Security personnel inspect vehicles at a checkpoint set up to confiscate stolen items, in Latakia, Syria March 14, 2025. REUTERS/Khalil Ashawi

The UN Security Council has condemned the widespread violence in several provinces in Syria, calling on the interim authorities “to protect all Syrians without distinction.”

In a presidential statement it adopted unanimously on Friday, the Council “condemned the widespread violence perpetrated in Syria’s Latakia and Tartus provinces since 6 March — including mass killings of civilians among the Alawite community.”

The Council “condemned attacks targeting civilian infrastructure” and “called on all parties to immediately cease all violence and inflammatory activities and ensure the protection of all civilian populations and infrastructure, as well as humanitarian operations.”

It said “all parties and States must ensure full, safe and unhindered humanitarian access to those affected and the humane treatment of all persons. The Council also urged a rapid increase of humanitarian support across Syria.”

The Council “called for swift, transparent, independent, impartial and comprehensive investigations to ensure accountability and bring all perpetrators of violence against civilians to justice.”

It took note of the Syrian interim authorities’ establishment of an independent committee to investigate such violence and identify those responsible.

The Council also noted the Syrian decision to establish a committee for civil peace.

It renewed its call for an inclusive political process led and owned by Syrians, facilitated by the UN and based on the principles outlined in resolution 2254. “This includes safeguarding the rights of all Syrians — regardless of ethnicity or religion — meeting their legitimate aspirations and enabling them to peacefully, independently and democratically determine their futures.”

Meanwhile, the Special Envoy for Syria, Geir Pedersen, hoped that the Constitutional Declaration issued by the Syrian authorities “will move Syria toward restoring the rule of law and promoting an orderly inclusive transition.”

Pedersen issued a statement on the fourteenth anniversary of the war in Syria.

“Now is the time for bold moves to create a genuinely credible and inclusive transitional government and legislative body; a constitutional framework and process to draft a new constitution for the long term that is credible and inclusive too; and genuine transitional justice,” he said.

“More than three months since the fall of the Assad regime, Syria now stands at a pivotal moment,” he added.

The Special Envoy called for “an immediate end to all violence and for protection of civilians in accordance with international law” and called “for a credible independent investigation into the recent killings and violence, and for the full cooperation of the caretaker authorities with the United Nations in this regard.”