Lebanese central bank tries to stem currency crisis

central-bank-of-lebanon
The Central Bank of Lebanon

Lebanon’s central bank has sharply weakened the dollar exchange rate for depositors with local banks as the country’s economic crisis worsens.

The Central Bank of Lebanon has told local banks that all dollar-denominated deposits can only be withdrawn if they are converted into local currency. It had previously frozen all withdrawals from dollar-denominated bank accounts. The central bank first unfroze deposits of less than $3,000 on April 6, and extended the move to all dollar deposits in a

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