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Money transfer firms replace banks in crisis-hit Lebanon ...Middle East
BEIRUT: Like many people in crisis-hit Lebanon, Elias Skaff used to wait for hours to withdraw cash at the bank but now prefers money transfer companies as trust in lenders has evaporated.Anyone who relies on traditional banks to receive their money “will die 100 times before cashing it”, said Skaff, 50, who has survived Lebanon's three-year-old economic downturn with the help of US dollar payments from a relative abroad.Once the flagship of Lebanon's economy, the banking sector is now widely despised and avoided after banks barred depositors from accessing their savings, stopped offering loans and closed hundreds of branches and slashed thousands of jobs.Last month, a local man was widely c
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