🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Lebanese lawmaker leaves bank with savings for surgery after protest

Published 10/05/2022, 03:03 AM
Updated 10/05/2022, 08:28 AM

By Maya Gebeily

(Reuters) - Lebanese lawmaker Cynthia Zarazir ended a protest at a bank on Wednesday after obtaining the funds she needed from her frozen savings to pay for surgery, her lawyer said, in the latest in a series of stand-offs between individuals and lenders.

Zarazir, who was elected in May to represent Beirut, entered the Antelias branch of Byblos Bank unarmed on Wednesday morning with two lawyers, and staged a sit-in for four hours as a 'last resort' to access her money her lawyer said.

Fouad Debs, one of the lawyers, confirmed to Reuters that Zarazir got access to the $8,500 she needed.

Cases of bank hold-ups and protests have snowballed across Lebanon recently as depositors have grown exasperated over informal capital controls that banks have imposed since an economic downturn began in 2019.

Depositors can only withdraw limited amounts in U.S. dollars or the Lebanese pound, which has lost more than 95% of its value since the crisis began.

Most withdrawals of foreign currency are carried out at an exchange rate unfavourable to depositors, amounting to a roughly 80% haircut on their value.

"We've spent a few days going back and forth to the bank and bringing my (medical) reports and they don't answer us. I can't delay this any more. I came to take my money," Zarazir said.

"I came as a regular citizen, not as an MP," she added.

A spokesperson for Byblos Bank was not immediately available for comment.

Zarazir's sit-in coincided with a separate hold-up in a suburb of Beirut, where a man identified as Hussein Shukr demanded $48,000 from his account.

"I'll stay here forever - a day, two days, three days... I want my right," said Shukr in a video published by the Depositors' Outcry Association, an advocacy group.

Depositors' Outcry also organised a protest outside Lebanon's Central Bank, where dozens of protesters briefly lit tyres and tossed bottles over metal barricades at the building.

Further north in the town of Jbeil, an unidentified assailant fired shots at a Beirut Bank branch on Wednesday and then fled, a security source said. There were no injuries.

The tensions on Wednesday came after four hold-ups across the country the previous day, two of them involving armed men demanding their deposits. Another incident took place on Monday.

Lebanon's banking association has expressed outrage over the hold-ups. A similar spree last month prompted banks to close for about a week.

© Reuters. Cynthia Zarazir, a member of the Lebanese parliament who entered a Byblos bank branch seeking her own savings, according to a depositors' advocacy group, stands inside a bank in Antelias, Lebanon October 5, 2022. REUTERS/Mohamed Azakir

The Depositors' Outcry Association on Wednesday threatened more hold-ups.

"Either find a solution to the issue of depositors and start paying a portion of the deposits without a haircut, or we continue our open war against you, thieves," it said in a statement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.