Controls imposed by Lebanese banks on access to cash are fueling concern among d...
BEIRUT - Controls imposed by Lebanese banks on access to cash are fueling concern among depositors who are worried for their savings despite government assurances they are safe from the worst financial crisis since the 1975-90 civil war.
The banks’ response - tight withdrawal limits for hard currency and blocks on nearly all transfers abroad - has plunged many savers into deep uncertainty. Blom Bank, one of Lebanon’s largest, has gradually lowered its weekly withdrawal ceiling from $2,500 to $500 this week for depositors with less than $100,000 in their accounts. At Bank Audi, the limit is $300.
With the country’s fractious sectarian leadership yet to name a new premier since protests prompted Saad al-Hariri to quit on Oct. 29, delaying reforms it needs to pull the economy from crisis, depositors worry their money is no longer safe. “The problem is the banks do not know how long this crisis will stretch, so they have to bear in mind that they want to keep going for the maximum time possible.”Some depositors said they would pull their remaining savings if only they could and regret not having done so already.
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