Lebanese Central Bank Seeks to Strengthen Currency after Slump

Lebanese Central Bank Seeks to Strengthen Currency after Slump

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Lebanon
  • Date: 14-Jan-2022
  • Source: Asharq AL-awsat
  • Sector: Economy
  • Country: Lebanon
  • Who else needs to know?

Lebanese Central Bank Seeks to Strengthen Currency after Slump

Lebanon’s central bank said on Friday it aimed to boost the Lebanese pound’s value by easing restrictions on dollar purchases after the currency hit a record low, fueling fresh protests about rising prices and a collapsing economy.

The pound, which has lost more than 90% of its value since Lebanon’s financial crisis erupted in 2019, dropped beyond 33,000 to the dollar, though it had clawed back some ground to around 27,200 by Friday.

Before the crisis, which has driven a significant proportion of residents into poverty, it traded at 1,500 to the dollar.

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