Lebanon’s central bank agrees to inject new money into market as currency tumbles

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A night of protests, which degenerated into attacks on several bank branches, and the tumbling of the currency prompted an emergency Cabinet meeting Friday

Graffiti depicting the governor of Lebanon's central bank with horns is seen next to the broken facade of a shop after overnight protests in Beirut, on June 12, 2020.Lebanon’s money changers said the country’s central bank agreed Friday to inject fresh dollars into the market to prop up the national currency following a night of protests spurred by the dramatic plunging of the Lebanese pound.

It was not clear whether there are enough dollars available to stop the local currency depreciation. Halawa said fresh dollars would mostly come from money transfer bureaus. In the country’s north and south, others threw stones at the offices of some private banks in an expression of anger at their perceived role in deepening their economic malaise.“Three glass windows were broken in the front and the back, the fridge and the phones. And they broke the photocopy machines and the chairs. ... I am not sure yet what is the estimated material loss,” said the owner of a travel agency in downtown Beirut.

 

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