Discover and read the best of Twitter Threads about #lollars

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[THREAD] What is the haircut on dollars stuck in the Lebanese banking system (#Lollars)?

Well, it depends on how and when you look at it.
#Lebanon #LBP #dollar
2. Three ways to look at it:
- Withdrawal of USD in LBP at the prevailing rate (initially 1,507.5, now 3,900 LBP/USD) & exchange LBP for USD at parallel/black market rate
- Sale of a USD bank cheque for cash USD at a discount
- Solidere share price as a proxy (price⬆️=haircut⬆️)
3. What do these methods tell us? As of today 9 October 2020:
- Withdrawal at 3,900 LBP/USD: 56% haircut
- Bank cheque: 68% haircut
- Solidere shares: 65% haircut
Read 6 tweets
I started recently looking at the saving plans with the insurance firms in Lebanon and where the money has been invested. Few comments:
1- the client does not have a clue where the money is invested. When you ask you do not receive a clear answer. No transparency. No reporting. No relevant benchmark for dividends payments.
2- fees are not clear nor disclosed to the client.
& this is a case study from Allianz SNA
In this example the 5% dividends payment in a saving policy does not have a reference / benchmark not fees disclosed. The minimum in the policy is 4%.
When asked on the phone the client was told the money was invested in Eurobonds and deposit with Lebanese banks
Read 20 tweets
[THREAD] #ThinkLikeRiad: Salameh's Salami Tactics

Faced with a legacy-defining moment, @riadsaleme is in for the fight of his life.
@riadsaleme Consistent with his calm and deliberate character, he has opted for an incrementalist, divide-and-conquer approach to deal with his main enemy: an acute dollar shortage.
@riadsaleme With the main objective of buying the maximum amount of time, he is addressing different facets of the problem separately and sequentially…
Read 15 tweets

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