Lebanese banks to close for 3 days as more depositors demand their money by force

Lebanese banks to close for 3 days as more depositors demand their money by force

Banks in Lebanon have said they will close for three days on Monday , after depositors stormed several branches on Friday, holding employees hostage and forcibly demanding to withdraw their savings.

On Friday, eight banks were held up by depositors who demanded their own money, adding to a spate of holdups this week spurred by frustration over a spiraling financial implosion with no end in sight.

Lebanese banks have insisted that dollars be withdrawn only after being exchanged into Lebanese pounds at a vastly inferior rate to the black market, which is generally the rate used across the country.