Lebanon grants limited access to bank deposits amid crisis

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BEIRUT (AP) — Lebanon’s central bank says depositors will be allowed to withdraw limited monthly amounts from their foreign currency accounts, nearly 20 months after banks denied them access. Tuesday’s move is a small step toward instituting formal capital controls. Local banks had imposed arbitrary policies preventing depositors from accessing their dollar accounts amid a severe financial crisis that began in late 2019. According to the new decision, depositors will be allowed to withdraw up to $400 a month in cash and another $400 in local currency at a rate eight times higher than the official rate every month.

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