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Tag: Lebanon

Lebanon to sell unlimited US dollars to save crashing pound
News

Lebanon to sell unlimited US dollars to save crashing pound

Lebanon’s central bank governor, Riad Salameh has announced that the bank will sell unlimited amounts of U.S. dollars to counter the escalating devaluation of the Lebanese pound. Salameh fixed a new rate of 90,000 Lebanese pounds per dollar on the central bank’s exchange platform, Sayrafa, up from 70,000 on March 1. However, the pound’s parallel […]

Protests as Lebanon's currency hits new low
Economy

Protests as Lebanon’s currency hits new low

The Lebanese pound fell to a new low against the US dollar on the black market Monday as a severe economic downturn has sparked bank hold-ups by angry depositors and anti-government protests. Recent weeks have seen a spate of incidents in which people armed with real or toy guns held up banks to demand access […]

Lebanese rob five banks one day over frozen savings
News

Lebanese rob five banks one day over frozen savings

Five Lebanese banks were stormed Friday by depositors seeking to unlock frozen savings, the latest in a string of such “heists” that have garnered wide public support in the crisis-hit country. Lebanon has been mired in an economic crisis for more than two years since the value of its currency began plummeting and banks started imposing […]