Lebanon’s banking crisis is no secret. It is so absurd that even international news companies such as Vice News have reported on it.
The idea that people in Lebanon are only allowed to withdraw a specific amount of their own money from the banks is a laughing matter around the world.
And a highly infuriating one in Lebanon. It led people to react angrily, feeling robbed from the harvest of their hard work.
With the economic situation tightening further its cruel grip on the people’s throats, some reacted by attacking ATMs and trashing and setting fire to banks.
Banks have now built fortifications around their fronts and removed the ATMs.
The sudden pandemic added insult to injury now that banks have stopped opening daily, meaning people have to wait until their banks open and stand in long lines just to receive their specified sum of money.
So when the banks allowed their clients to withdraw all the money in their accounts, many went for it, opting to stash their cash and valuables in the safety of their homes.
In addition, any new revenue they receive is coming in the form of cash and going straight home with them, rather than to the bank.
This explains why safes and vaults have seen a boost in sales in Lebanon amid the economic collapse.
“We are living on [increased sales of safes]! Nothing else is making a profit to our company,” said a spokesperson for Smart Security, a security company in North Lebanon.
“We’ve had a 200% increase in safes sales, especially the burglary safes, which are certified anti-theft safes, with up to $1,000,000 insurance contacts.”
Preferring to save their money at home, people want to feel secure if they leave during the day. Safes and vaults were once deemed a retro way of protecting one’s valuables and they are now back for that reason.