> Salameh told Reuters that commercial banks in the country "will see the part of their equity that is in pound decrease once translated into dollars at 15,000 instead of 1,500."
Why would a bank have any pound-denominated assets at this point?
Why would a bank have any pound-denominated assets at this point?
> 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.