A bank ATM, out of service, on Nov. 11, 2019 in Beirut, during the economic crisis. (Credit: Patrick Baz/AFP)
Accept an immediate loss in the hope of recovering part of their money, or wait years for repayment whose value may erode over time? This is the dilemma Lebanese depositors are facing: to choose between recovering part of their funds today by converting their deposits into assets or waiting for uncertain future repayments through plans still under review by the state.These transactions, which several banking sources say have accelerated in recent months, involve exchanging "lollar" deposits for real estate, financial securities or other receivables at a steep discount, generally at an exchange rate of LL 15,000 to the dollar. The main appeal is the prospect of recovering funds sooner. Under arrangements under review by the government and Banque du Liban (BDL), depositors with more than $100,000 in their accounts would receive...
Accept an immediate loss in the hope of recovering part of their money, or wait years for repayment whose value may erode over time? This is the dilemma Lebanese depositors are facing: to choose between recovering part of their funds today by converting their deposits into assets or waiting for uncertain future repayments through plans still under review by the state.These transactions, which several banking sources say have accelerated in recent months, involve exchanging "lollar" deposits for real estate, financial securities or other receivables at a steep discount, generally at an exchange rate of LL 15,000 to the dollar. The main appeal is the prospect of recovering funds sooner. Under arrangements under review by the government and Banque du Liban (BDL), depositors with more than $100,000 in their accounts would receive...
7 p.m. recap: Houthis strike Riyadh airport again; Yemeni forces claim Bab al-Mandeb gains; Abbas postpones Palestinian polls