BEIRUT: Major banks in Lebanon began tightening banking controls this month, halving the amount of dollars depositors are allowed to withdraw every month, despite growing public anger.
Faced with a dollar liquidity crunch, banks have imposed informal controls on dollar withdrawals and transfers abroad since September amid widespread anti-government protests and Lebanon’s worst economic crisis in decades.
Withdrawal limits differ from bank to bank, but have so far generally been capped at around $1,000 a month, while most transfers abroad have been halted.
Some banks have now imposed even tighter restrictions.
Three major banks contacted by AFP on Monday said they have halved the dollar withdrawal limit since the beginning of February, some capping the amount at $600 a month.
Several banks have allowed slightly larger allowances to depositors who have more than $100,000 in their accounts, customers said on social media.
But even depositors who have more than one million dollars in their accounts can’t withdraw more than 2,000 to 3,000 a month.
The informal controls have sparked public outrage in protest-hit Lebanon, where an anti-government street movement launched on October 17 has grown increasingly angry at banking policies.
“These new illegal measures by banks come with the political blessing of the new government,” said activist Lucien Bourjeily.
The new cabinet, which was formed last month, is expected this week to outline its financial rescue plan.
Experts and demonstrators say banking controls amount to a de facto “haircut” on savings because they are forcing dollar depositors to deal in the nosediving Lebanese pound.
The currency has plunged against the greenback on the parallel exchange market, though the official peg of 1,507 pounds to the dollar in place since 1997 remains unchanged.
Central bank chief Riad Salameh last month said that he agreed with money exchange houses to cap the parallel rate at 2,000 — but several exchanges continue to charge rates edging toward 2,200.
Salameh last month asked for special powers to authorize the banks to set withdrawal limits, which had not formally been backed by the government.
The finance ministry, however, has yet to publicly respond to his request.
Lebanon banks tighten withdrawal caps, sparking outcry
https://arab.news/7mjgt
Lebanon banks tighten withdrawal caps, sparking outcry
- Banks have imposed informal controls on dollar withdrawals and transfers abroad since September
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Saudi Arabia leads outcome-based education to prepare future-ready generations: Harvard Business Review
- The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts
RIYADH: Saudi Arabia’s education system is undergoing a sweeping transformation aligned with Vision 2030, shifting from traditional, input-focused methods to outcome-based education designed to equip students with future-ready skills, Harvard Business Review Arabic reported.
The transformation is being adopted and spearheaded by institutions such as Al-Nobala Private Schools, which introduced the Kingdom’s first national “learning outcomes framework,” aimed at preparing a generation of leaders and innovators for an AI-driven future, the report said.
Al-Nobala has leveraged international expertise to localize advanced learning methodologies.
The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts. The school’s group approach combines traditional values with 21st-century skills such as critical thinking, communication, innovation and digital fluency.
According to the report, the shift addresses the growing gap between outdated models built for low-tech, resource-constrained environments and today’s dynamic world, where learners must navigate real-time information, virtual platforms, and smart technologies.
“This is not just about teaching content, it’s about creating impact,” the report noted, citing how Al-Nobala’s model prepares students to thrive in an AI-driven world while aligning with national priorities.
The report noted that Saudi Arabia’s Ministry of Education has paved the way for this shift by transitioning from a centralized controller to a strategic enabler, allowing schools such as Al-Nobala to tailor their curriculum to meet evolving market and societal needs. This is part of the long-term goal to place the Kingdom among the top 20 global education systems.
Al-Nobala’s work, the report stated, has succeeded in serving the broader national effort to link education outcomes directly to labor market demands, helping to fulfill the Vision 2030 pillar of building a vibrant society with a thriving economy driven by knowledge and innovation.
Last February, Yousef bin Abdullah Al-Benyan, Saudi Arabia’s minister of education, said that the Kingdom was making “an unprecedented investment in education,” with spending aligned to the needs of growth and development. He said that in 2025, education received the second-largest share of the state budget, totaling $53.5 billion.
