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Economy

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

Updated : January 27, 2020 11:52 AM IST

Dollar shortages have pushed up prices, the Lebanese pound has slumped on the parallel market and confidence in the banking system has collapsed.
In the capital, Beirut, the staff at several jewellery stores said customers had poured in recently looking to buy gold and diamonds, sometimes to sell them abroad, though most jewellers are now only accepting cash.
Rolexes and cars; Lebanese spend big to prise savings from the bank

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