Lebanese lawmaker enters bank branch unarmed to demand frozen savings

Early on Wednesday, a Lebanese Member of Parliament (MP) entered a branch of the Byblos Bank (situated north of Beirut) along with a group of associates to demand access to her frozen savings, in order to pay for an upcoming surgery, according to a depositors' advocacy group.

Cynthia Zarazir — a first-time parliamentarian who was elected in May to represent Beirut — entered the bank unarmed and demanded $8,500 in cash, a member of the Depositors' Union told Reuters.

"We've spent a few days going back and forth to the bank and bringing my [medical] reports and they don't answer us. I can't delay this any more. I came to take my money," Zarazir said by telephone from the bank.

"Today, I came as a I don't care what my colleagues in the parliament will think. I see right from wrong," she said.

The bank branch shut down after Zarazir entered, according to a live broadcast from within the branch by Al-Jadeed. A spokesperson for Byblos Bank at its headquarters was not immediately available for comment.

Cases of bank hold-ups have snowballed across Lebanon, as residents have grown exasperated over the informal capital controls that banks have imposed since 2019, when the country's economic downturn began.

Depositors can only withdraw limited amounts in US dollars or the Lebanese pound, which has lost more than 95 per cent of its value since the crisis began.

Zarazir said she had rejected an offer from the bank to withdraw an unlimited amount in Lebanese pounds, at a rate of 8,000 pounds to the dollar — a roughly 80 per cent loss of the value of her funds.

"She has not broken the law in any way. She went into her bank to ask for her money. She didn't even shut the bank down — the management did that," said Fouad Debs, her lawyer and a founder of the Depositors' Union advocacy group.

Tuesday saw four hold-ups across Lebanon. Two of those incidents involved armed men demand their deposits.

Another incident took place on Monday.

Lebanon's banking association has expressed outrage over the hold-ups. A similar surge last month prompted banks to close for around a week.

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• MENA