Bank account holders are certainly not always safe when it comes to Lebanon.
Fadi Khalaf, Secretary General of the Banks Association in Lebanon, in an article he published this week claims that Lebanon holds a not very flattering "Guinness record" - the largest value of loss of funds in bank accounts.
According to him, since the crisis in the country began towards the end of 2019, the owners of bank accounts in Lebanon Most of them ordinary citizens lost an amount of about 51 billion dollars cumulatively.
Khalf pointed out that this is a result of the central bank's use of account funds both to provide loans to the private sector and to the government for the ongoing purchase of state needs such as fuel.
Khalf claims that in practice the funds of the small account holders went into the pockets of the corrupt officials in the country.