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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Major banks in Lebanon began tightening banking controls this month, halving the amount of dollars depositors are allowed to withdraw every month, despite growing public anger. Faced with a dollar liquidity crunch, banks have imposed informal controls on dollar withdrawals and transfers abroad since September amid widespread anti-government protests and Lebanon's worst economic crisis in decades. Withdrawal limits differ from bank to bank, but have so far generally been capped at around $1,000 a month, while most transfers abroad have been halted. Some banks have now imposed even tighter restrictions. Three major banks contacted by AFP on Monday said they have halved the dollar withdrawal limit since the beginning of February, some capping the amount at $600 a month. Several banks have allowed slightly larger allowances to depositors who have more than $100,000 in their accounts, customers said on social media. But even depositors who have more than one million dollars in their accounts can't withdraw more than 2,000 to 3,000 a month. The informal controls have sparked public outrage in protest-hit Lebanon, where an anti-government street movement launched on October 17 has grown increasingly angry at banking policies. "These new illegal measures by banks come with the political blessing of the new government," said activist Lucien Bourjeily. The new cabinet, which was formed last month, is expected this week to outline its financial rescue plan. Experts and demonstrators say banking controls amount to a de facto "haircut" on savings because they are forcing dollar depositors to deal in the nosediving Lebanese pound. The currency has plunged against the greenback on the parallel exchange market, though the official peg of 1,507 pounds to the dollar in place since 1997 remains unchanged. Central bank chief Riad Salameh last month said that he agreed with money exchange houses to cap the parallel rate at 2,000 -- but several exchanges continue to charge rates edging towards 2,200. Salameh last month asked for special powers to authorise the banks to set withdrawal limits, which had not formally been backed by the government. The finance ministry, however, has yet to publicly respond to his request. bur-ho/ah/par
schema:headline	Lebanon banks tighten withdrawal caps, sparking outcry
schema:mentions	Central bank Agence France-Presse De facto Lebanon Currency United States dollar Social media Foreign exchange company Riad Salamé Lucien Bonaparte Interest rate cap and floor Lebanese pound United States Note Market liquidity Cabinet of Israel
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-02-03 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	76 (xsd:integer)

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