Lebanon to pump dollars to strengthen pound after violent protests

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Lebanon decides to push dollars into market after protests over recession as country's currency falls to record low

Lebanon's President Michel Aoun says huge losses to the financial system should not be borne by depositors.

The pound has seen its value fall quickly in recent days, slipping to about 5,000 to the dollar on Thursday from about 4,100 a week earlier, sparking protests across the country. Berri also said there was agreement reached on speaking to the International Monetary Fund in "one language," amid disagreement between MPs, the central bank and government officials engaged in talks with the Fund for an economic reform programme.

After the Lebanese pound hit a new low on Thursday, down around 70 percent from its official rate, protesters took to the streets after sundown, setting tyres on fire and blocking roads including in the capital Beirut.

 

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