In 2019, bank raids are increasing across Lebanon due to rising public resentment over the informal restrictions put in place by banks since the start of the economic downturn. Lebanese banks unanimously decided to close their doors to customers for an indefinite period of time after a string of break-ins by depositors trying to restore their frozen deposits in the banking system.
A slew of comparable instances that occurred last month led the nation’s banks association to declare a closure that would last for over a week.
According to information obtained by CNBC from media sources today, Friday, the Association of Lebanese Banks decided to close banks for 5 days as a result of these incursions.
Since the economic crisis worsened three years ago, Lebanese banks have made it difficult for most depositors to access their money, leaving many unable to cover basic expenses.
Following a series of raids, Lebanese banks were forced to close permanently.
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