People in Lebanon Can Only Get $100 a Week of Their Own Money

For the lebanese, Coronavirus is only piling on top of an already dire situation. On Monday, the Lebanese government announced it would stop paying all around $30 billion worth of foreign loans, defaulting for the second time on part of its 90 billion dollar debt this year.

If that sounds like big picture economics, imagine not being able to withdraw money from your own bank account in order to pay your bills and buy food. Since the first reports last October that the state may not be able to repay its debts, lebanese banks have imposed capital control, limiting the amount of money everyday lebanese can withdraw from their own accounts. One customer, Wafaa Zu’hair told us the amount she was able to withdraw in cash was decreasing every few weeks. “We used to get [be able to withdraw] $300 a week, now it’s $200 every two weeks.” she told VICE. The measure is permitted because it is the only way to prevent a so-called “bank run,” when account holders withdraw all their funds at once leading to the collapse of the banking system.

Print
Print Share Comment Cite Upload Translate Updates

Leave a Reply

APA
Radio Free | Radio Free (2021-09-21T00:46:25+00:00) » People in Lebanon Can Only Get $100 a Week of Their Own Money. Retrieved from https://www.radiofree.org/2020/03/29/people-in-lebanon-can-only-get-100-a-week-of-their-own-money/.
MLA
" » People in Lebanon Can Only Get $100 a Week of Their Own Money." Radio Free | Radio Free - Sunday March 29, 2020, https://www.radiofree.org/2020/03/29/people-in-lebanon-can-only-get-100-a-week-of-their-own-money/
HARVARD
Radio Free | Radio Free Sunday March 29, 2020 » People in Lebanon Can Only Get $100 a Week of Their Own Money., viewed 2021-09-21T00:46:25+00:00,<https://www.radiofree.org/2020/03/29/people-in-lebanon-can-only-get-100-a-week-of-their-own-money/>
VANCOUVER
Radio Free | Radio Free - » People in Lebanon Can Only Get $100 a Week of Their Own Money. [Internet]. [Accessed 2021-09-21T00:46:25+00:00]. Available from: https://www.radiofree.org/2020/03/29/people-in-lebanon-can-only-get-100-a-week-of-their-own-money/
CHICAGO
" » People in Lebanon Can Only Get $100 a Week of Their Own Money." Radio Free | Radio Free - Accessed 2021-09-21T00:46:25+00:00. https://www.radiofree.org/2020/03/29/people-in-lebanon-can-only-get-100-a-week-of-their-own-money/
IEEE
" » People in Lebanon Can Only Get $100 a Week of Their Own Money." Radio Free | Radio Free [Online]. Available: https://www.radiofree.org/2020/03/29/people-in-lebanon-can-only-get-100-a-week-of-their-own-money/. [Accessed: 2021-09-21T00:46:25+00:00]
rf:citation
» People in Lebanon Can Only Get $100 a Week of Their Own Money | Radio Free | Radio Free | https://www.radiofree.org/2020/03/29/people-in-lebanon-can-only-get-100-a-week-of-their-own-money/ | 2021-09-21T00:46:25+00:00
To access this feature you must login or create an account.