Rolexes, art and gold: how Lebanese bought big to avoid the banking crisis – The National

Rolexes, art and gold: how Lebanese bought big to avoid the banking crisis – The National

With capital controls in place, many are unable to withdraw more than a few hundred dollars. It's better than keeping my money in the bank," she said.. Every week, account holders line up for their quota of cash - for some less than $200 (Dh 734) - 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 jewellery, cars and land with credit cards or cashier's checks.. The central bank says deposits are safe and pledges to maintain the dollar peg, while the head of the country's banking association said the limits on withdrawals and other measures aimed "to keep the wealth of Lebanon" in the country.. At a Rolex store in the city, sales will only be made if half the payment is in cash in US 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