> Ad hoc lirafication has been happening since the country first started sliding into crisis in August 2019, when Lebanon’s banks began to withhold deposits in US dollar accounts.
> Currently, depositors can withdraw from their dollar accounts in Lebanese pounds – but at an unfavourable exchange rate that wipes out 70 percent of the market value of those dollar savings, while helping banks trim their losses and expenses.
"But crypto is a terrible idea. People who violate banking regulations are criminals, Why do we need cash? I pay for everything with my card, it's sooo convenient!" Say many naval-gazing, privileged people on this very site who've never had to deal with the grotesquely regular bullshit of third world banking and government finance...
> Ad hoc lirafication has been happening since the country first started sliding into crisis in August 2019, when Lebanon’s banks began to withhold deposits in US dollar accounts.
> Currently, depositors can withdraw from their dollar accounts in Lebanese pounds – but at an unfavourable exchange rate that wipes out 70 percent of the market value of those dollar savings, while helping banks trim their losses and expenses.