On Tuesday, several banks in Lebanon reopened to chaos after their week-long closure. Depositors across Lebanon forced their way into at least four banks in the almost bankrupt country, demanding to get their hard-earned cash back.
Lebanon has been going through an economic crisis, which continues to worsen. Many people who have money in Lebanese banks have been breaking into their financial institutions and forcefully taking back their savings. The banks have limited the amount of money each person can withdraw from their account each day. The move has angered many people and the break-ins increase daily.
Poverty has stricken the entire country and Lebanese residents now find themselves unable to pay for their basic needs. The world bank has called the country’s economic crisis the worst in over a hundred years. The Lebanese pound has drastically lost its value against the dollar, forcing prices of basic goods to go up, making them too expensive for people to afford.
One of the people who stormed into the banks was Ali al-Sahli, an ex-security forces officer for Lebanon’s Internal Security. The retired officer raided a bank in the town of Chtaura and demanded $24,000 from his savings account so he could transfer it to his son, who has outstanding bills, including school fees, to pay.
Ali videoed himself as he stormed the BLC bank branch and demanded the bank teller give him his savings. He threatened to shoot employees with a gun if they did not hand him his money.
He is part of a protest group called the Depositor’s Outcry. Ali had reached out for help after he became desperate and unsuccessfully tried to sell his kidney, so he could clear his son’s school fees and rent arrears, after the bank had blocked customers from transferring their money for several months.
Ali was arrested by security officers and did not get any of his money back.
Another protestor, Ali Hodroj, stormed into a Byblos branch in Tyre and demanded $40,000 from his account. To demonstrate his determination, he fired a warning shot from his gun. He wanted to use part of the money to pay the debts he owed. After negotiating with the bank, he was given $9,000. Hodroj handed the money to his family before turning himself in to the authorities.
Many depositors have broken into banks across the country, with the public expressing their support and even hailing some of them as heroes, especially Sally Hafez. She stormed into a bank in Beirut and used a fake gun to retrieve $13,000 to pay for her sister’s cancer treatment.
The Lebanese Bank Association issued a statement saying that the banks were not responsible for the economic crisis and that the government was solely to blame. They asked the government to take swift action to avert the financial meltdown and seek a bailout program from the International Monetary Fund.
The Association of Bankers in Lebanon closed banks for a week toward the end of September after at least seven people broke into various banks and forcefully took their money. The Lebanese Government has been trying to find ways to end its financial crisis and turn its economy around, but it is yet to reach a bailout agreement with the International Monetary Fund.