Lebanon bank frees up $150/month for withdrawals, y’all

February 3, 2024
1 min read

TLDR: The Lebanese central bank has announced that depositors will be allowed to withdraw $150 a month from certain accounts that were opened after October 31, 2019. This measure is aimed at converting Lebanese pound savings into dollars, as the financial crisis in Lebanon has led to the devaluation of the currency by 98%. The circular applies to accounts with less than $300,000, referred to as “old money” or funds that were in the financial system before the collapse.

The banking system in Lebanon has been paralyzed since the start of the financial crisis, leaving depositors unable to access their savings. The crisis has been caused by decades of corruption and excessive spending by politicians. The Lebanese government has yet to implement reforms necessary for the country’s economic recovery.

This move by the central bank is a small step towards addressing the financial crisis in Lebanon and providing some relief to depositors who have been struggling to access their funds. However, the withdrawal limit of $150 per month may not be sufficient for many depositors to meet their financial needs.

It is important to note that this measure only applies to accounts opened after October 31, 2019, and does not address the larger issue of frozen funds in older accounts. The devaluation of the Lebanese pound has significantly impacted the purchasing power of Lebanese citizens, and the crisis has led to widespread protests and social unrest.

The international community has called for the Lebanese government to implement reforms and address the corruption and mismanagement that have led to the financial crisis. The government’s failure to take action has further deepened the economic and social crisis in Lebanon.

It remains to be seen whether this withdrawal limit will provide any meaningful relief to depositors or if further measures will be implemented to address the financial crisis in Lebanon. In the meantime, many Lebanese citizens continue to suffer as the country’s economy continues to deteriorate.

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