Lebanon banks tighten withdrawal caps, sparking outcry – The National

Lebanon banks tighten withdrawal caps, sparking outcry – The National

Major banks in Lebanon began tightening controls this month, halving the amount of dollars customers are allowed to withdraw every month, despite growing public anger.. Faced with a dollar liquidity crunch, banks have imposed informal controls on withdrawals and transfers abroad since September amid widespread anti-government protests and Lebanon's worst economic crisis in decades.. Withdrawal limits differ from bank to bank but have so far generally been capped at about $1,000 (Dh3,673) a month, while most transfers abroad have been halted.. Some banks have now imposed even tighter restrictions.. Three major banks contacted on Monday said they halved the dollar withdrawal limit since the start of February, with some capping it at $600 a month.. Several banks have allowed slightly larger allowances to depositors who have more than $100,000 in their accounts, customers said on social media.. The informal controls have sparked public outrage in Lebanon, where an anti-government street movement launched on October 17 has grown increasingly angry at banking policies.. The new Cabinet, which was formed last month, is expected this week to outline its financial rescue plan.. Central bank chief Riad Salameh last month said he agreed with exchange houses to cap the parallel rate at 2,000