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Lebanese Money In Switzerland At Record-Highs, Topping $7 Billion
Local banks in Switzerland are reporting the largest increase of deposits coming from Lebanon in over 80 years. Funds held in Switzerland by Lebanese clients in 2020 increased rapidly by nearly two-thirds in a year – from 2.5 billion Swiss francs ($2.7 billion) to 6.46 billion francs (approximately $7 billion), according to data published by the Swiss National Bank.
Lebanese citizens queue outside a local bank to withdraw their devaluated money at a loss.
Still, the Swiss cabinet stated earlier this year said the Lebanon case doesn’t yet fulfill the requirements for freezing money — unfortunately for Lebanese citizens.
The move of considerable sums offshore from Lebanon has been facilitated by local banks and the Central Bank, while informal capital controls have deprived depositors of access to their savings by way of organized financial crime.