> 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.
> 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.