Lebanese bank staff are facing abuse from customers angered by restrictions on a...
BEIRUT - Lebanese bank staff are facing abuse from customers angered by restrictions on access to their cash, the employees’ union said on Friday, reflecting intensifying pressures in an economy gripped by its deepest crisis since the 1975-90 civil war.
Saad al-Hariri, who quit as prime minister last week, is determined the next government should be devoid of political parties because such a cabinet will not be able to secure Western assistance, a source familiar with his view said. One of the world’s most heavily indebted states, Lebanon was already in deep economic trouble before protests erupted on Oct. 17, ignited by a government plan to tax WhatsApp calls.Since reopening a week ago, banks have been seeking to stave off capital flight by blocking most transfers abroad and imposing curbs on hard-currency withdrawals, though the central bank has announced no formal capital controls.
A dollar was costing 1,800 pounds or more on Friday compared to 1,740 on Thursday, two market sources said. The pegged rate is 1,507.5 pounds.Some banks have lowered the cap on maximum withdrawals from dollar accounts this week, according to customers and bank employees. At least one bank cut credit card limits from $10,000 to $1,000 this week, customers said.
In central Beirut, several people tried and failed to withdraw dollars from an ATM belonging to one of the banks that is still dispensing dollars from its cash machines.
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