Asia;Lebanon
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Money exchange shops in Lebanon are busy as locals flock in, some carrying cardboard boxes of the crashing local currency, to buy U.S. dollars.
Lebanon's central bank set a new rate of 15,000 Lebanese pounds to the U.S. dollar for withdrawals from bank deposits last Thursday, Jan. 16. The previous rate was 8,000 Lebanese pounds to the U.S. dollar. The central bank also set a withdrawal limit equivalent to $1,600 per month in Lebanese pounds for account holders.
Many people have been angered at the inability to withdraw money from banks in recent years, with some resorting to armed holdups just to get funds out of their own accounts.
In 2019, the central bank unpegged the rate of 1,500 Lebanese pounds to the U.S. dollar, causing massive inflation which has seen the local currency lose about 97% of its value.
The day before the latest rate announcement, demonstrators gathered in front of the central bank in Beirut and burned tires while holding handfuls of the devalued currency in protest.
Most people and businesses are using cash exclusively, as credit card systems use official rates which are reportedly 20 times more expensive than the black market rate when using cash.
Safes have also been in demand, with the CEO of a local reseller telling Reuters that they've seen a 15 percent increase in sales over the last year.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466