Lebanese depositors smash up, burn Beirut banks

A view shows a burnt Bank Audi that was set on fire during a protest organized by Depositors' Outcry, a group campaigning for angry depositors, against informal restrictions on cash withdrawals and deteriorating economic conditions in Beirut, Lebanon February 16, 2023. REUTERS/Mohamed Azakir

Several dozen Lebanese protesters smashed up and set fire to commercial banks in a Beirut neighbourhood 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.

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

Firefighters spray water at a burnt BBAC bank during a protest organized by Depositors' Outcry, a group campaigning for angry depositors, against informal restrictions on cash withdrawals and deteriorating economic conditions in Beirut, Lebanon February 16, 2023. REUTERS/Mohamed Azakir

(Reporting by Timour Azhari; Editing by Shounak Dasgupta)