Lebanese central bank seeks to strengthen currency after sharp weakening

Written by on January 14, 2022

January 14, 2022

BEIRUT (Reuters) – Lebanon’s central bank said on Friday it was seeking to strengthen the Lebanese pound against the dollar after it weakened to a record low this week, fuelling fresh protests about rising prices and the country’s collapsing economy.

“This initiative aims at curbing the volatility of the exchange market and aims at strengthening the pound value against the dollar,” Governor Riad Salameh told Reuters, after the bank issued circular 161 and removed a ceiling related to bank purchases of dollars using the official Sayrafa exchange rate platform.

(Reporting by Laila Bassam and Nayera Abdallah; Editing by Edmund Blair)

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