Collective Action
March towards banks at Downtown Beirut after reports of end to dollar withdrawals
BEIRUT: Dozens of protesters toured the commercial banks of Downtown Beirut Wednesday evening, spraying graffiti over the walls and ATMs and chanting “down with the rule of the banks.”
Activists groups called for the protest outside the headquarters of Bank Audi in Bab Idriss after reports circulated that the bank was no longer allowing customers to withdraw U.S. dollars from their accounts.
Protesters pulled down the metal letters of “bank” fixed to the outer wall of the building.
The Lebanese Army issued a statement saying that its members prevented "protesters from smashing the facades of a number of banks in Beirut."
The statement said the Army reiterates right to protest, but rejects "assaulting public and private properties."
President Michel Aoun contacted the head of the Association of Banks in Lebanon, Salim Sfeir, for clarification on the news that “one of the banks had stopped giving dollars to its customers.”
Bank Audi issued a statement denying the reports, saying dollar withdrawal limits have not changed since their last circular.
Current limits at the bank are dependent on the size of customers’ deposits, reaching as low at $300 per 15 days.
For several months now, banks have been imposing increasingly tight informal capital controls, including limits on withdrawals and transfers abroad, amid a worsening dollar shortage.
Both the Central Bank and commercial banks have increasingly become the targets of demonstrations as customers’ anger grows.