Lebanese banks have been reportedly transferring abroad the money of Lebanese politicians after imposing an informal capital control. They’ve frozen people’s money in banks, severely limiting withdrawals of their money and disallowing them to make transfers.
The consequences have been severe on the people amid hyperinflation and harsh economic crisis. Most have been struggling, including parents who have been unable to transfer tuition costs to their children studying abroad.
There have been also cases of local rents deposited in banks not being transferred to the Lebanese landlords living abroad since 2019. Many of these landlords rely on these annual rents of their properties in Lebanon to cover their own rent where they reside abroad.
Meanwhile, politicians and banks officials don’t appear to be affected or suffering the same consequences.