MrClass wroteuser wroteMy opinion on it is because we have a "conservative banking system" It keeps us out of financial problems in bad times such as the 2006 Israeli war and the global financial crisis, but at the same time because it is too conservative and tight, it cannot handle something like paypal. Paypal cannot operate in Lebanon because there aren't laws to protect paypal and to manage everyone's rights.
I think it is a matter of general policy that will not change rather than "7sebet day2a"
This conservative banking system is stupid and obsolete. We still depend on gold to maintain currency value. Who the hell still uses gold for maintaining currency value? We are plagued with obsolete people with obsolete mentality. As long as those are still in charge, we will never go forward. We need young and fresh people to take care of this country to bring prosperity.
These laws will remain the same because our stupid leaders are afraid of change and don't want to modify a system that works for them rather than the general people.
Maybe things will change when they start dying one by one. Oh man I'm looking forward to that time.
When you have a country in a permanent state of war, you need such a system. The liberal way the US and europe and many other countries use is to value the currency based on the country's economic prospect and growth etc... So even though the US does not have a tenth of its currency backed in gold, you still trust the dollar because it's the US... It's not going bankrupt soon, it stood high for a couple of centuries and will likely continue for a couple of more centuries.
But when it comes to Lebanon, being in a continuous state of war with Israel, having civil wars/quarrels with Syria etc... Who in their right mind would trust our currency? Heck I live here and I keep all my money in US dollars and not in Lira although the interest rates on lira is much higher (because it is a much higher risk, nothing is free)
Anyway, as soon as central banks reserve become low, our currency will lose its value, there is no trust in Lebanon nor its prospects nor its future nor its corrupt politicians.
It is the only way this country can "function" if you can even call it that.