Lebanese banks to shut indefinitely after flurry of holdups
CNN
Lebanon's banks are to remain closed indefinitely due to ongoing "risks" to employees and customers, the Association of Lebanese banks announced Wednesday.
The shutdowns follow a series of holdups across the country over the past month, with at least five separate banks held up by depositors last Friday alone in attempt to retrieve savings frozen in the banking system.
Millions of Lebanese citizens have been locked out of their accounts after the country plunged into financial crisis in October 2019. With local currency since losing 90% of its value, more than three quarters of the population have been pushed into poverty and most are unable to pay for basic items.
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