Bank holdups snowball in Lebanon as depositors demand their own money

A man walks outside a closed Byblos Bank branch, where a man, according to security source, was detained after holding up the bank to access his own savings, in the southern city of Ghazieh, Lebanon September 16, 2022. REUTERS/Aziz Taher

Five Lebanese banks were held up by depositors seeking access to their own money frozen in the banking system on Friday, in a spiralling spate of holdups this week spurred by frustration over a financial implosion with no end in sight.

Seven banks have been held up since Wednesday in Lebanon, where commercial banks have locked most depositors out of their savings since an economic crisis took hold three years ago, leaving much of the population unable to pay for basics.