Rolexes and cars; Lebanese spend big to prise savings from the bank

Rolexes and cars; Lebanese spend big to prise savings from the bank

Every week, account holders line up for their quota of cash - for some less than $200 - from their banks, which have also blocked foreign money transfers as Lebanon sinks deep into economic crisis.. People with savings in the bank are scrambling to get the money out, buying jewelry, cars and land with credit cards or cashier's checks.. At a Rolex store in the city, sales will only be made if half the payment is in cash in U.S. dollars, an employee said.. I don't want to keep a single penny in the bank," one of the daughters said.. An advisor at a Beirut auction house, who asked to remain anonymous, said she was fielding daily calls from people who want to "put their money into paintings instead of in the bank.".