The collapse of Lebanon’s economy has forced some bank customers to take legal action to try and recover their savings.
But only a few have been successful.
The banks are being accused of shifting their losses to customers by offering cheques worth a fraction of their deposits.
Al Jazeera’s Zeina Khodr reports from Beirut, Lebanon.
– Follow us on Twitter: https://twitter.com/AJEnglish/
– Find us on Facebook: https://www.facebook.com/aljazeera/
– Check our website: https://www.aljazeera.com/
#Lebanon
Nothing change in lebanon since 2020 starts.
mula po namatay s Presidente Hariri ang Beirut nag simula n bumagsak maring kurap jan
@Lita Ang ms mhirap parin ph kysa sa lebanon
Everyone becomes corrupt when they get in full power ! Human nature is beastly when given the chance 🎯🎯🎯
Not everyone is like that. Kind hearted people are also there.
😂😂😂😂😂
If you don’t hold it you don’t own it!
and this could easily happen in your country. yes. the money you spend isn’t promised against anything. it used to be backed up by gold. not anymore.
Lebanon’s currency was pegged to Corrupt officials
Why is the money withdrawn at a fraction of it’s value? Surely some explanation for what that means should be provided?
e.g. if someone attempts to withdraw $20 are they receiving $10 instead? Or is it related to extremely unfavourable interest rates for foreign currency deposits or something else?
To put it simply, banks are withholding our foriegn currency, and are only giving it to us in our currency which has devalued more than 90% since 2019.
Banks offer more favorable exchange rates than the official exchange rate but barely, so if you had 20 USD at the bank, currently you could only extract it at a value of 3.25 USD.
EDIT:
Apologies for the misinformation. I meant to say the banks offer more favorable exchange rates than the official rate, not the black market. My previous comment’s been edited.
@TheMAM so just so I understand you are saying that the bank only allows you to withdrawal Lebanese Pounds and they will convert e.g. $20 USD to approx $3.25 lebanese pounds of USD so it is at a loss if you try to convert the Lebanese pounds back into $USD?
@BobfromSydney That’s right
*Zelensky wants victims so that he can garner support for his war. Why not surrender like France in WW2? Save towns & soldiers lives*
Its not the choice of the president but the choice of the Army head chiefs
@keybord fighter France only dreams of a resistance that strong lol.
Because that would mean they will be like slaves in their own country 🙁
Nadine Labaki should make a movie about this
Just theft by banks and government, which are apparently legal!, Cash your cheque, cash out of the bank. Thieves!, criminals!.
Lebanon is a failed state. They should join the ottoman empire and let the Turks manage their nation.
this is Islamic justice!
Gotabhaya Rajapakse arrives in Singapore after luxury hotel bombing on Sunday Easter bombing plot to destroy the country provoked by religious leaders, racists and religious extremists in the era of good governance The economic crisis has not intensified Govt. Forcibly cover up investigations The people and intellectuals know well who is the mastermind behind the Easter attacks.
Gotabaya Rajapaksa after the luxury hotel bombing of Sunday’s Easter bombing that seeks to conspire to wreak havoc on the country, which was provoked by religious leaders, racists and religious extremists during the era of good governance..
The crisis in the government has intensified .No politicians have a solution ..People are under pressure and prices are skyrocketing. Government Hospital No treatment There is no cure for surgery Government Hospital Electrical crisis, Drug crisis Surgical ward has been shut down. All Rajapaksas destroy family reputation. Rajapaksas rule for generations .. We are ready to take to the streets to send the Rajapaksas home ..
People are non-partisan. People all over the island are ready to take to the streets on Sunday, April 03. People are forcing the Rajapaksas to go home. May the people win the struggle for our country to save my country🔥
Iam srilanka 🇱🇰
Collapse from corruption.
Only gold and real estate.
Read *The Bitcoin Standard* by Saifedean Ammous
The Rich abusing the poor? NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
Buy gold , and hide money under bed
Ya right
Shiny things are for dumb birds.
They are too busy robbing and back stabbing each other as a nation
*Peace & Stability in Lebanon very important for Israel & Syria. because Lebabon have border with 2 countries.*
Corruption is a scourge upon all of humanity. Root it out and don’t allow it in your society.
Keep some money in silver. Gold isn’t bad, but not as practical. 1 ounce and smaller increments. Ask the Venezuelans why.
FAILED STATE☠️
Lebanese living in the west learned nothing from living in the west
Sending their money into gypsy banking in Lebanon?
Can it get any dumber?
You give my money back or you and your family move out of the country by the weekend.
Lebanon is not an education hub, manufacturing hub, or technological hub. The economy is based little to nothing. On top of that add Syrian, Iraq and Palestinian refuge pouring and Hezbollah destroying the governments power.
Only keep in the bank enough to pay current bills,,,,,take pictures of online statements/get hard copies,,,get some cash at home,,buy some silver for bartering,,,store some food most of all and start a garden or grow bags if you can,,,it’s going to get rough…..the Bible says ,,,,,,,,
They took no note and the flood swept them all away””””when everyone finds out about the coming food shortage, it will be too late to buy anything decent, if at all…take heed Black Fridays have nothing on panicking mothers trying to help thier children. The crying of hungry children, you will be tormented. We are going to,see things we never have before sadly, including me and mine. If anyone thinks this thing isn’t going to touch them in some way, think again.
Stop depositing in lebanese banks. They will lock your money so the politicians can take it. Closed all my accounts in 2020…
This means those who held foreign currency accounts get affected the most…
Ask your Lebanese people living in Brazil what’s that like? And how it ends up, they know well the answers
what if I had CASH 20 US dollar bill….how much would I get for it in Lebanese pounds on the black market? Thanks.
50,000