The incident reflected a deep frustration in Lebanon over an ever-worsening economic crisis.
. Since 2019, there have been ad hoc limits on the amount of hard currency depositors can withdraw, an effort to avoid a run on the banks and a collapse of the financial system. The policy has led to waves of nationwide protests, demanding accountability for the country’s dynasticBut the country has only sunk deeper into economic malaise, with the pound losing more than 20 times its value against the U.S. dollar since 2019.
Video showed the scene outside a bank in Beirut after a gunman broke in and demanded money on Aug. 11. Hassan Moghnieh, the head of the Association of Depositors in Lebanon, who also served as a mediator in the negotiations, said the gunman took eight hostages: six employees, the bank branch manager and one customer. He rejected the bank’s offers of $5,000, $10,000 and $30,000, finally accepting $35,000 be given to his brother in exchange for turning himself in and releasing the hostages.
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