Protest in Lebanon against capital control draft bill
Lebanon has been experiencing an unprecedented economic crisis, which has resulted in a record drop in the value of its currency against the US dollar.
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A man counts Lebanese pounds (AP)
Lebanese depositors unable to withdraw cash from banks protested in front of Beirut's parliament building on Monday against a new capital control bill, as per a Sputnik reporter.
The capital control bill proposes to impose exceptional and temporary constraints on bank transfers and cash withdrawals, as well as limits on how much money people and businesses can remove from their accounts.
Protesters also accuse acting Prime Minister Najib Mikati of "stealing depositors' money" and saying that politicians and banks smuggled it to Switzerland.
The International Monetary Fund (IMF) said in September that Lebanon's authorities were too slow in implementing financial reforms and that bank clients with small deposits should be fully protected.
On September 26, Lebanon's banks reopened after a one-week closure caused by a bank run by depositors violently seeking access to their savings.
Cash-strapped Lebanon has been engulfed in economic and political turmoil since 2019 when its financial system collapsed due to decades of economic mismanagement and corruption.
