MAR 29, 2024 JLM 63°F 01:41 AM 07:41 PM EST
Why the Lebanese Took to the Streets

Protesters in Beirut and other cities in Lebanon took to the streets yesterday, blocking main roads, amid a decision not to allow them to withdraw cash from their dollar accounts at a rate of 3,900 Liras to $ 1. Following the demonstrations, the central bank sought to reconsider its decision.

As has been known for over a year, the banks have not allowed Lebanese to access their dollar accounts and only allow the withdrawal of Lebanese Liras at only a third of the rate of that on the black market (over 10,000 liras per dollar). 

The Lebanese are also angry about blocking access to their money but have somehow come to terms with the low rate offered to them. It is now unclear what they intend to do in Lebanon, and whether the Lebanese's access to their accounts will be permanently stopped. If that happens then there is no doubt that the chaos in the streets will increase.

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