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Lebanese central bank seeks to strengthen currency after sharp weakening -Breaking

by Mike Robinson

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© Reuters. One man walks out of a currency shop in Beirut (Lebanon), January 5, 2022. REUTERS/Mohamed Azakir

BEIRUT (Reuters – The central bank of Lebanon said Friday that it would strengthen the Lebanese pound to the dollar following its record breaking week. This has sparked protests over rising prices and the collapsed economy.

After the bank published circular 161 to remove a restriction on dollar bank purchases using the Sayrafa exchange platform, Governor Riad Salmeh stated to Reuters: “This initiative aims to curb the volatility of exchange markets and aims towards strengthening the pound against the US Dollar.”

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