Banks now offering service matching clients with accounts selling #Lollar for real $, in return for a commission, of course. Some of the first clients taking advantage of this service were managers & affiliated companies (i.e: insiders)
@lebaneselollar @LebaneseLira #DanPonzi
@lebaneselollar @LebaneseLira #DanPonzi
This is like the good old days when you used to convert $ to Lira or Lira to $ at a bank, in return for a commission (or bid-offer spread) except now they’re converting $ to Lollar or Lollar to $. This is OFFICIALLY recognizing that there are two forms of $ currencies in Lebanon.
+acknowledging that one of the currencies is worth way less than the other, in other words, a voluntary haircut. The fact that insiders (meaning people who know more than the average guy) are doing it, is de facto recognition of the loss & that the money ain’t never coming back.
This is not necessarily a bad thing. It’s part of a Darwinian resolution of the problem, since we love to procrastinate and live in denial in Lebanon. The only downside, is that dreamers & fantasizers, waiting for Godot, will get the worst deal.
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