Why I don’t and will never trust banks: how my country’s currency depreciated 10 times its original value

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Why I don’t and will never trust banks: how my country’s currency depreciated 10 times its original value

If you haven’t been updated on the Lebanese economy in the past year and a half, the Lebanese currency depreciated approximately 10 times its value compared to the US dollar, and this is mainly due to corruption by politicians and the banking sector. Long story short the black market rate reached a high of $1=15,000 LBP and the banks are giving you back your money from your dollar bank account at a rate of $1=3,900 which basically mean, as a depositor I lost approximately 80% of my money so I decided to say f*ck banks, went on Bonded Finance and bought crypto with my fiat money so at least I know where my money is being invested without the risk of banks screwing me over and in my opinion it is only a matter of time until most banks screw their depositors.

submitted by /u/highoncatpiss420
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