Gold and Bentleys: Lebanese spend big to salvage savings

Gold and Bentleys: Lebanese spend big to salvage savings

Worried that their life savings might vanish with a collapse of the banking sector, some Lebanese are siphoning cash from their accounts and buying the most expensive goods they can get their hands on.. Banks have slapped restrictions on withdrawals and overseas transfers, leading some depositors to use cashier's checks to spend savings they fear would otherwise be depleted by a haircut or a devaluation.. The rates have decreased significantly, further dissuading depositors abroad and at home from putting their money in the bank.. Despite controls imposed by banks to prevent capital flight, Lebanese depositors can request cashier's cheques and they are using them to buy goods they feel will not depreciate or can be easily resold abroad..