Protesters in Beirut, Lebanon, attacked three banks and set car tires on fire on Thursday amid an economic crisis and a severe currency depreciation that is immensely curtailing the Lebanese citizen's purchasing power, a Sputnik correspondent reported.  

These actions come after banks have been closed for the past few days, and the Lebanese pound [lira] has lost more than 95% of its value since 2019 when the Banking System's Ponzi scheme was exhausted. 

Footage of the bank burning and storming incidents in Badaro, Beirut. The protests were organized by the Depositors’ Outcry Association, who organized Sali Hafez's bank raid last Sept.

The banks that were targeted include Fransabank, Bank Audi, Byblos Bank, CreditBank, and BBAC. pic.twitter.com/JJ3acgw2ji

— Lebanese News and Updates (@LebUpdate) February 16, 2023

On Wednesday, the Lebanese pound set a record low against the dollar. The official dollar-for-lira exchange value set by the government has been recently modified from 1,500 to 15,000. The real exchange value of the dollar is expressed in the black market rate which surged on Thursday to reach 80,000 liras after having amounted to roughly 50,000 liras one month ago.   

Angry depositors often attack banks in Lebanon; some protesters were able to get cash from their deposits in late September 2022. Dissatisfied clients mostly threaten bank employees with toy weapons.

Read: Man takes Lebanese commercial bank hostage, demands frozen funds

For more than three years, Lebanon has been mired in a deep financial and economic crisis, which has been accompanied by political and social tensions. Against this backdrop, the banking system has been almost completely paralyzed, and the national currency depreciated more than 20 times against the dollar. As a result, more than 80% of the population has fallen below the poverty line.

In 2021, The Lebanese government ended subsidies for fuel and essential items like wheat and medications.

After the recent depreciation, fuel prices spiked when already more than 80% of the population lives under the poverty line according to UN reports. 

This prompted a mass strike by Lebanese taxi drivers who blocked the road in front of the interior ministry on Wednesday protesting deteriorating income; the average for a taxi today amounts to $1.3

"My income is not enough to even buy fuel," a 33-year-old driver told AFP. "Rent for my house is $300, let alone food and drink. Where can I get this money?"

Further exacerbating the problem is the political gridlock. The Lebanese parliament has failed to occupy the position of president.

Last April, the International Monetary Fund announced a preliminary agreement for a $3 billion bailout loan for Lebanon spread out over four years, conditioned on reforms. 

However, the IMF has since been pessimistic about Lebanon's aspiration for reform to alter the banking secrecy rules and the industry as a whole.