'They stole everything': Beirut banks set on fire

STORY: A Beirut bank burns.

Several dozen people in Lebanon attacked banks on Thursday (February 16) and blocked roads.

They're protesting against the informal restrictions on cash withdrawals in place for years of financial crisis that prevent Lebanese from getting their hands on their own savings.

The crisis has slashed the value of the Lebanese pound by more than 98% since 2019.

Protester Rami Ghandour says everyone should be up in arms.

"What are you Lebanese people waiting for, to go down and take your rights from this mafia of thieves and criminals that's ruling? Where are the human rights? There is no electricity, no water, nothing at all in this country. Don't they feel us while they're sitting in their palaces? They have no feelings for the people. They see us as sheep. We won't stay silent about our life's worth."

At least six banks were targeted as the currency hit a new record low value on Thursday.

That's according to Depositors Outcry, a lobby representing people with money stuck in the banks.

Depositors, lacking cash to pay for basics - food, bills, even healthcare - are seeking access to their funds through lawsuits.

Or sometimes by force. People trying to take out their own money have staged hold-ups.

The Lebanese pound was changing hands at around 80,000 pounds to the dollar on Thursday, dropping from 70,000 pounds just two days earlier.

Lebanon's central bank, which has struggled to manage the crisis, did not respond to a request for comment on why the pound had crashed and what it was doing to address the issue.

Pascale Rassi said the banks were the criminals.

"Some people were millionaires in dollars but don't have a penny in their pockets because the banks stole everything and are benefiting form the corrupt state system and judiciary to hide this crime in plain daylight."

The office of Lebanon's prime minister said work was ongoing to improve financial conditions.

Lebanon made a first step towards securing an International Monetary Fund bailout in April 2022 but, nearly a year later, has failed to carry out the reforms needed to finalise it.