Protests Erupt In Lebanon Against Central Bank & Shura Council’s Decision

Protests Erupt In Lebanon Against Central Bank & Shura Council’s Decision

Following a ruling of the state's Shura Council, the Central Bank decided to stop Circular 151 which was allowing depositors to withdraw dollars stuck in Lebanese banks in Lebanese Pounds at the 3,900 LBP rate rather than 1,500 LBP rate. Now, people can only withdraw 'lollars' at the exchange rate of 1,500 LBP. This infuriated people across the country who were making use, albeit poor use, of their local dollars trapped in the banks. Notably, the black market exchange rate [“¦]

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Following a ruling of the state's Shura Council, the Central Bank decided to stop Circular 151 which was allowing depositors to withdraw dollars stuck in Lebanese banks in Lebanese Pounds at the 3,900 LBP rate rather than 1,500 LBP rate. Now, people can only withdraw 'lollars' at the exchange rate of 1,500 LBP. This infuriated people across the country who were making use, albeit poor use, of their local dollars trapped in the banks. Notably, the black market exchange rate [“¦]