Khazen

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BEIRUT, (Xinhua) — Lebanese banks on Monday slashed by 50 percent the U.S. currency amount allowed to be withdrawn by depositors from their dollar banks accounts, local media reported. Depositors are not allowed to withdraw more than 600 U.S. dollars monthly, according to Elnashra, an online independent newspaper. Lebanon has been facing for the past few months a shortage in cash, namely U.S. dollar, due to drop in banks’ liquidity, prompting banks to impose unofficial capital control and restrict withdrawals by depositors to a few dollars weekly with the capacity to withdraw bigger amounts in Lebanese pounds. This has sparked anger among Lebanese people who feared the loss of their deposits while blaming the central bank’s policies for depriving people from their money. The central bank is currently asking the cabinet to legally enforce capital control in a bid to prevent people from filing lawsuits against banks while asking to fully withdraw their U.S. dollars.