While there is a freeze on liquid cash in Lebanon and protestors are crying out loud against the government corruption, it seems money is being siphoned and a probe has now been initiated into billions of dollars that are reportedly been sent overseas from Lebanon.
Strangely, while the country’s central bank chief has already made a public statement that “nothing can disappear”, there is a political crisis that has gripped the country for months and money has been repeatedly disappearing from Lebanon.
As a political deadlocked gripped the nation, Lebanon’s banks have since September imposed increasingly tight restrictions on dollar withdrawals and transfers. This has lead to minimal to no flow of liquid currency amongst the civilians. Protestors have thronged banks and have been protesting against this unfair dissemination of funds outside their country.
Banque du Liban Governor, Riad Salamé has said that the money cannot disappear anywhere, but strangely, money from Lebanese accounts has been systematically removed leaving the banks cash strapped at this crucial hour. While the dollar’s exchange rate at shops has reached 2,100 liras, Salamé continues to hold the statement that there was no change in the official rate which is set at 1507.50.
In an official statement, MP Hassan Fadlallah has confirmed that “approximately $11 billion of bank money has ended up overseas,” while committee head Ibrahim Kanaan has twisted the thought saying that it was because of Lebanese people’s concerns over the domestic situation that led to the withdrawal of $6 billion from Lebanese banks.
No one knows where the money is going. Earlier sources of information had suggested that Qatar and Iran had legitimate accounts in Lebanon that were being used by moles to siphon money into other accounts worldwide.
Meanwhile, protestors are gathering information via social media groups and have started a campaign to confront banks withholding the money of small depositors. Protesters are now urging people to stop making loan repayments, condemning banking policies and corruption.
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