When she heard Lebanese banks would limit cash withdrawals, Rita, a doctor, rush...
BEIRUT - When she heard Lebanese banks would limit cash withdrawals, Rita, a doctor, rushed out to buy a $10,000 Rolex watch on her credit card, anxious to protect some of her savings. “It’s better than keeping my money in the bank,” she said.
Dollar shortages have pushed up prices, the Lebanese pound has slumped on the parallel market and confidence in the banking system has collapsed. In the capital, Beirut, staff at several jewelry stores said customers had poured in recently looking to buy gold and diamonds, sometimes to sell them abroad, though most jewelers are now only accepting cash.
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