'Not Legal' But Necessary: Lebanon's Banks Tighten Restrictions

Lebanon's banks further tightened limits on foreign currency withdrawals on Monday, with at least one financial institution restricting depositors to a maximum withdrawal of $400 a month, Al Jazeera reported. Curbs on withdrawals and other unofficial capital controls were first implemented in November following bank closures in response to nationwide protests against corruption, political sclerosis and the government's mismanagement of the economy. The country's economic crisis has only deepened since then, as confidence in the banking system founders, businesses close shop or cut back production and workers' hours, and tens of thousands are left jobless. Read more