This is only true for old funds (precrisis). However, you can wire any "fresh money", AKA funds put in a lebanese bank from a foreign bank
>>The local currency collapsed, lost more than 90% of its value.... they play money conversion tricks
'Lost value' as measured in the black market float. The peg has been fixed for decades and its never floated freely. In fact, banks are giving you the official central bank conversion rate, which is awful and benefits banks (which is why it was never changed)
>> because his father (and some people said his child as well) were in the hospital
This is not true.
>> Why is this all happening? Bad economic and financial policies for 40 years, rampant corruption
No. This is happening because the federal govt issued sovereign debt that was primarily purchased by local lebanese banks, using depositors money. The government budget was chronically in deficit, with exoenses exceeding taxes for decades, so the govt resorted to pay its debt with more debt. Finally they run out of other people's money to keep buying debt, the govt couldnt raise taxes to pay (remember the laughable WhatsApp msg tax??), so govt could not pay banks, thus banks couldn't pay people, so people's cash was turned out to be fake numbers stuck in a bank screen. Banks have since refused to lose money (insolvency really) on their govt debt purchases, so the bank holiday ensued.
Its important that we spell this out because to put a face to Lebanons predicament. There was no 'corruption' vodoo. Its just debt.
The only differences between USA and Lebanon are Lebanon's gdp/debt ratio is higher , and USA quick ratio (interest expense/tax collection) is better vs Lebanon.