Lebanese lira and dollars. (Credit: Joseph Eid/AFP)
An old practice from the early years of the crisis is making a strong comeback: banks are offering some large depositors the option of cashing out their holdings at a discount of more than 83% to the market rate.“As the crisis drags on without a solution, and repayment plans stretching from seven to 30 years are being floated — as envisaged in the latest, still-unfinalized proposal that Banque du Liban (BDL, central bank) submitted to the International Monetary Fund (IMF) in June — increasingly more large depositors are asking about the possibility of withdrawing all or part of their funds at the rate of 15,000LL to the dollar,” a banker said. Read more Financial gap: BDL revises government plan, leaving depositors to wait longer Faced with the choice between being promised repayment over several decades and recovering a small...
An old practice from the early years of the crisis is making a strong comeback: banks are offering some large depositors the option of cashing out their holdings at a discount of more than 83% to the market rate.“As the crisis drags on without a solution, and repayment plans stretching from seven to 30 years are being floated — as envisaged in the latest, still-unfinalized proposal that Banque du Liban (BDL, central bank) submitted to the International Monetary Fund (IMF) in June — increasingly more large depositors are asking about the possibility of withdrawing all or part of their funds at the rate of 15,000LL to the dollar,” a banker said. Read more Financial gap: BDL revises government plan, leaving depositors to wait longer Faced with the choice between being promised repayment over several decades and recovering a...
