The Lebanese Transparency Association (LTA) introduced the “Lollar – Currency of Corruption,” as a way to reflect on Lebanon’s “double-edged” currency reflected through the use of both the Lebanese Lira and the U.S. Dollar.
LTA’s chairperson, Dr. Mosbah Majzboub, commented during the initiation of the currency, that “this crisis is a direct result of the abusing depositor’s trust in safekeeping their money stored in US dollars in Lebanese banks and seizing them beyond recovery, leading to coining the term ‘Lollar’ by financial expert Dan Azzi.”
Based on LTA’s anti-corruption program, the Lollars were designed by the British artist, Tom Young, to share awareness of the “Ponzi scheme in the history of Lebanon” by printing six bills, each describing a symbol of corruption.
“We want to send a message that Lebanese citizens completely reject today’s currency of corruption and that we are #NotPayingthePrice,” Dr. Majzoub commented.
Adding that on Lollar day (May 13), “Lebanese citizens all across the country will be able to withdraw these Lollar bills through a custom-made ATM to raise awareness about the catastrophic situation we are now living in.”
The LTA-introduced “Lollar – Currency of Corruption,” which consists of 6 bills describing Lebanon’s scenes of corruption, including:
- The Train Station – 1 Lollar
- Fuel Cartels – 5 Lollars
- Garbage Crisis – 10 Lollars
- Civil Services – 20 Lollar
- Energy Management – 50 Lollar
- Port Management – 100 Lollars
Since the beginning of the crisis, Lebanese people started using the term “Lollar” to define the “Lebanese dollar” which is stuck in the country’s banking system, and to reflect on Lebanon’s now-failing banking sector.
Related: Everything You Need to Know About Capital Control and Its Impact on Lebanon.
