(Zaman AL Wasl)- Pro-Syrian regime media outlets gloated over Syrian businessmen who, after smuggling their money to Lebanese after revolution erupted in 2011, are suffering heavy losses due to restrictions on withdrawals imposed by the Lebanese Central Bank.
They are unable to withdraw in dollars but exclusively in Lebanese pounds with limited daily and monthly withdrawals, along with their inability to move and transfer funds to other banks outside Lebanon.
Sites such as Majesty News, Syria Steps and Iqtisad al-Yawm reminded businessmen of what they had been warning them for several months, the prospects of the collapse of the Lebanese economy, calling on them to withdraw their money and deposit it in Syrian banks.
Reports estimate the value of Syrians' money in Lebanese banks at about $ 30 billion, of which $20 billion was deposited after 2011.
Analysts and bankers had cited widespread concern about a rush by depositors to withdraw their savings or transfer them abroad, according to Reuters.
The nationwide protests that erupted on Oct. 17 tipped Lebanon into political turmoil as it grapples with the worst economic crisis since the 1975-90 civil war. The uprisings led Saad al-Hariri to quit as prime minister last week.
Zaman Al Wasl
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