Depositors try to storm bank, clash with security forces near parliament

The Depositors Outcry association on Tuesday staged a sit-in outside parliament in protest at the state’s financial policies and to demand the recovery of deposits.

The protesters blocked the road near parliament amid the deployment of army troops and security forces. Clashes later ensued, leaving several protesters injured.

Depositors also hurled firecrackers outside caretaker PM Najib Mikati's residence which is also located in downtown Beirut. They also attempted to cut off the barbed wire outside the building amid strict security measures.

Nearby, other depositors tried to storm Bank Audi’s Bab Idriss branch. They also smashed its ATM and burned tires.

Lebanon's financial meltdown erupted in 2019, following decades of rampant corruption and mismanagement by the country's political and financial elite. Three-quarters of Lebanon's population of over 6 million now lives in poverty and inflation is soaring.

In late 2019, Lebanese banks imposed informal capital controls, restricting cash withdrawals from accounts to avoid folding amid currency shortages. People with dollar accounts could only withdraw small sums in Lebanese pounds, at an exchange rate far lower than that of the black market.

This effectively evaporated the savings of many across the country. Angry depositors resorted to armed bank heists and protests, demanding their own money. Others have filed lawsuits from abroad to retrieve their money in hard currency.