The Lebanese pound has been officially pegged to the dollar since 1997 but it has lost a third of its value on the parallel market recently.
The loss of confidence in a banking sector that was once a source of national pride is such that deposits in Lebanon have slumped by $12 billion over the first 11 months of 2019. These rates, however, have decreased significantly since December, further dissuading depositors abroad and at home from putting their money in the bank.
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