Protest in Lebanon against money withdrawal limits

Beirut, Dec 31 (IANS) Hundreds of people protested in Lebanon, asking the banks to allow them to withdraw more money.

The protesters on Monday demanded banks to allow small depositors to use their money freely, Xinhua news agency reported.

Depositors in Lebanon can only withdraw a limited amount of money weekly, ranging from $200 to 500.

Lebanon has witnessed a shortage in the US dollars during the past few months.

Economic slowdown and a drop in cash injections from Lebanese abroad reduced the central bank’s foreign currency reserves and led to a shortage in dollars for businesses and individuals.

The banks hence put restrictions on the withdrawal of deposits and the conversion of Lebanese pounds to dollars.