Thread by @AnitaPosch

1/ Banks Stormed in #Lebanon

“Lebanon, which already had a fragile economy, has been sinking into an unprecedented financial crisis since 2019. In two years, the local currency, the Lebanese pound, has lost about 90 per cent of its value.
equaltimes.org/in-the-midst-o…

2/ While the official rate set by the Central Bank of Lebanon is 1,500 pounds to the US dollar, and the bank rate is 3,900 pounds, in reality, on the black market, a dollar is today equivalent to 13,000 pounds. This inflation is having a dramatic impact on farmers.”

3/ But not only on farmers, students who need their savings to pay for studying abroad are not getting their money out of the bank. Making the advantages of self-custodying money are obvious. upi.com/Top_News/World…

4/ “For those, we are preparing lawsuits so that the banks, which deprived them from pursuing their studies, pay them compensation,” Abou Zour said.

5/ “It is so unfair… The banks are acting randomly and in a discriminatory way, making transfers to some and not others, while refusing to bring their money deposited in correspondent banks abroad to help solve the issue.”

6/ The problem lies deeper in the fact that there is simply no money left from the deposits. Banque du Liban, Lebanon’s central bank, whose losses were estimated at $50 billion, has barely $15 billion left as required reserves.

7/ However, it is bowing to pressures by the country’s ruling leaders to keep funding a subsidy program at the expense of the depositors’ savings.
As a result people are demonstrating and some have stormed banks:

https://twitter.com/Hiibaa6891/status/1409503507070210055

8/ Enjoyed this tweet storm?

Get it first, subscribe to my newsletter to #LearnBitcoin 📩 anita.link/weekly