In coronavirus lockdown, Lebanese banks turn off dollar tap for hard-hit depositors

Since Lebanon was placed in lock-down to curb the spread of coronavirus, cash-strapped banks have cut access to dollars for depositors already separated from much of their savings by months of tightening controls.

The outbreak has compounded Lebanon’s woes, coming after it declared that it could not pay hefty debt obligations and needs foreign currency reserves for key imports.

The financial crisis, which has hiked prices and weakened the local currency, pushed banks to cap cash withdrawals, some to as low as $100 per week.