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Central Bank to intervene to contain exchange rate -presidency

Lebanon Economy

19-03-2021 | 08:37

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Central Bank to intervene to contain exchange rate -presidency

Lebanon's central bank will allow banks to conduct currency transactions similar to exchange dealers and will step in to rein in the pound/dollar rate, the presidency said on Friday.

Sharp new falls in the Lebanese pound, which has lost 90% of its value, have fueled unrest in recent weeks.

"As of next week, banks will be allowed to deal with currencies like legitimate exchange dealers...via the (central bank's electronic) platform," a spokesman for President Michel Aoun said after his adviser met Central Bank Governor Riad Salameh.

REUTERS

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