The financial crisis in Lebanon is getting worse by the day. For two years now, banks have set limits to cash withdrawals following central bank guidance, creating additional problems for Lebanese citizens who have their savings in banks and need to use them.
#BREAKING #BBAC_bank in Jeb Jenin, pays a deposit of $50,000
— Rula El Halabi (@Rulaelhalabi) January 18, 2022
A man held employee’s of BBAC hostages for hours and threatened to burn them, after the bank refused to pay him his savings in dollars.
Later they gave him the money, which he gave to a family member and surrendered? pic.twitter.com/oTgeVEovku
Over the last 27 months, not only did the Lebanese currency lose more than 90% of its value prior to the crisis, but also slashed Lebanese savings and obstructed their ability to obtain the cash needed for their daily lives. As of last September, the Central Bank of Lebanon set a monthly cash withdrawal limit of LL1 million for small depositors and LL1.5 million for larger accounts, which were then the equivalent of $54 and $81. The Lebanese lira has dropped significantly since then.
Last Tuesday, an incident taking place in the Bekaa branch of the Bank of Beirut and the Arab Countries drew attention to the deepening crisis, when Lebanese man Abdullah Al-Sae was told he couldn't withdraw $50,000 USD he has in his own account.
Update: After the money was paid to his wife, he surrendered himself to the police.
However, the Public Prosecution Office in Beqaa issued a decision to confiscate the $50,000 that was obtained today by Abdullah Al-Saei's wife.— Lebanese News and Updates (@LebUpdate) January 18, 2022
Abdullah Al-Sae then used a grenade and told employees at the bank that they were hostages until they give him his money. Abdullah's request was then met and he was able to give the money to his wife, before handing himself in.
Yet, news outlets later reported that a judge issued an order that Abdullah Al-Sae return the money to the bank.
Instead of prosecuting #Banks, their #Directors and #Shareholders for breach of fiduciary duty, the "justice" system in #Lebanon is prosecuting a depositor for withdrawing his money.
— Charbel Hage (@CharbelHage12) January 19, 2022
Shameless.
#عبدالله_الساعي https://t.co/nXsa5sNjBn
As the story made it to Lebanese commentators on social media, most people saluted Abdullah Al-Sae's actions saying that authorities have left no other choices for average citizens but to forcefully take their own money. Some online people also called him a hero and called on others to support him in his legal battle against the bank.
