![]() ![]() But for a while, the system worked pretty well for everyone involved. Some banks, for example, had a lock-up window of three years and steep minimum balance requirements. ![]() In return, Lebanon drew in the foreign currencies that it so desperately needed to re-stock its coffers after the civil war. dollars, according to one estimate shared by Dan Azzi, an economist and former CEO of the Lebanese subsidiary of Standard Chartered Bank. Lebanese banks offered both a certain degree of anonymity and interest rates ranging from highs of 15% to 31% on U.S. Between the end of the second World War and the start of Lebanon's civil war in 1975, Beirut was in its golden age, earning it the title of "the Paris of the Middle East." The world's elite flocked to the Lebanese capital, which boasted a sizable Francophone population, Mediterranean seaside cafes, and a banking sector known for its resilience and emphasis on secrecy.Įven after the brutal 15-year civil war ended in 1990, Lebanon competed with offshore banking jurisdictions such as Switzerland and the Cayman Islands as an ideal destination for the rich to park their cash. ![]()
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