Lollar

A Lollar is a US dollar that is stuck in the Lebanese banking system, really just a computer entry with no corresponding currency. The term was coined by former Harvard Advanced Leadership Fellow Dan Azzi after a severe economic crisis in Lebanon.[1] The dollar deposits were mostly consumed in backing the Lebanese Lira peg and financing the balance of payments deficit.[2]

The Lebanese Dollar or “Lollar” which can only be utilized within Lebanon. So you can sell something in Lebanon for a banker’s check from another bank, which gets deposited in your bank, but you can’t take it out of the bank in cash or transfer out of the country. You can only admire it on your bank statement until you find someone else to sell you something so he deposits it in his account. Basically moving around from account to account, like Monopoly money on a Monopoly board game.[3]

Dollar accounts have been frozen, and those trapped dollars have become “Monopoly money” with no value outside Lebanon, said Dan Azzi, a former banker and analyst. He coined a name for that currency, the “Lollar” or Lebanese dollar.[4]

People can withdraw their dollar savings only in local currency (Dan Azzi, a former executive at Standard Chartered, a bank, dubbed these “lollars”).[5]


For people with the surname, see Lollar (surname).

Lollar
Coat of arms
Location of Lollar within Gießen district
Lollar
Lollar
Coordinates: 50°38′59″N 08°42′16″E
CountryGermany
StateHesse
Admin. regionGießen
DistrictGießen
Government
 • MayorDr. Bernd Wieczorek (Ind.)
Area
 • Total21.90 km2 (8.46 sq mi)
Elevation
173 m (568 ft)
Population
 (2019-12-31)[6]
 • Total10,309
 • Density470/km2 (1,200/sq mi)
Time zoneUTC+01:00 (CET)
 • Summer (DST)UTC+02:00 (CEST)
Postal codes
35457
Dialling codes06406
Vehicle registrationGI
Websitewww.lollar.de

Lollar is a town in the district of Gießen, in Hesse, Germany. It is situated on the river Lahn, 7 km north of Gießen. The biggest production site of Bosch Thermotechnology is located in Lollar.

References
  1. "Lollar Defintion". Finance 4 Lebanon. Retrieved December 25, 2019.
  2. "Dissecting deposits: The case of Lebanon's missing $70 Billion". Yerepouni News. Retrieved October 8, 2018.
  3. "What Forms Will Haircuts on Deposits Take?". An-Nahar. Retrieved November 1, 2019.
  4. "Hottest commodity in Lebanon's economic chaos: The US dollar". Washington Post. Retrieved July 8, 2020.
  5. . The Economist https://www.economist.com/finance-and-economics/2020/11/05/deconstructing-the-lebanese-central-banks-ponzi-scheme. Retrieved November 5, 2020. Missing or empty |title= (help)
  6. "Bevölkerungsstand am 31.12.2019". Hessisches Statistisches Landesamt (in German). July 2020.


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