Lebanese Protestors Gather at Central Bank as Financial Lockout Continues

Since the beginning of widespread protests in Lebanon last week, banks and lending institutions have remained closed, fueling fears of an impending nationwide cash crisis. Attempts to assuage the concerns of suffering individuals without money or options are not proving effective, as officials scramble to address the situation against a backdrop of alleged political embezzlement and mounting public frustration.

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We Don’t Have Your Money

As banks don’t actually store customer deposits, Lebanese lenders and business officials are afraid that a sudden re-opening after being closed to the public for over a week could have disastrous consequences. “The cash of the banks are in reserve at the Central Bank or are in Treasury bills,” the president of the Worldwide Association of Lebanese Businesspeople told U.S. media. “The cash of the banks are not in the bank deposits, so no, they…