Bank Hold Ups On The Rise Again As Depositors Storm Byblos Branch

Bank hold ups are once again on the rise in Lebanon, with multiple successful depositor protests for their funds being reported this week. This morning, two men stormed Byblos Bank’s Sin el Fil branch, demanding a full repayment of their frozen funds. This follows holds up at Credit Libanais and BBAC on Tuesday, and an AM branch on Monday.

🛑🛑أقتحام جماعي ل #بنك_بيبلوس
فرع سن الفيل من المودعان

وسيم حاطوم الذي تبلغ وديعته 5400 و
اشرف صالحة الذي تبلغ وديعته 23200 #جمعية_صرخة_المودعين

— جمعية صرخة المودعين (@sarkhitmoudiin) July 20, 2023

According to the Depositors’ Outcry Association, today’s hold up is being carried out by Wassim Hattoum and Ashraf Saleha, who have deposits of $5,400 and $23,200 respectively. Videos circulating from inside the bank show the depositors getting into a shouting match with the bank’s employees. The Depositors’ Outcry Association issued a statement after the hold up, warning Byblos Bank head Semaan Bassil that any attack on the depositors would be met with a response from the rest of the depositors.

On Monday, Edgard Aouad, who held up AM Bank in Antelias with his 13 year old son, collected his $15,000 deposit after pouring gasoline onto the bank’s counters and threatening to burn the entire branch to the ground. On Tuesday, Hafez Serhal secured $9,000 out of his $35,000 deposit after holding up Credit Libanais’ Shheem branch, while Youssef Roda secured $7,000 out of his $10,000 deposit after holding up BBAC’s Bint Jbeil branch.

🛑🛑خاص #جمعية_صرخة_المودعين من داخل بنك بيبلوس سن الفيل pic.twitter.com/PjBX5PaIgj

— جمعية صرخة المودعين (@sarkhitmoudiin) July 20, 2023

The re-emergence of bank hold ups this week marks a new point of escalation between depositors and banks over the funds that have been frozen since 2019. On Tuesday, the Association of Banks In Lebanon threatened to respond to this recent wave through a return to some of the measures it had previously employed to ward off hold ups. They did not comment on whether they would be launching a new strike and shutting down branches across the country again.

Embattled Riad Salameh’s term as governor of Banque du Liban comes to end in less than two weeks, with the central bank head set to handover the reigns without any successor appointed. This opens up a new era for the country’s financial sector, with Salameh’s 30 year reign at the top ending far from the heights of private jets romances with most of his Lebanese properties seized by the Lebanese judiciary this week. The outgoing governor is also set to phase out the Sayrafa platform on his way out, creating more confusion and speculation about how the Lira and frozen deposits will be managed in the future.