Lebanon’s Central Bank Will Now Actively Attempt To Curb The Economic Crisis

Central Bank Can No Longer Subsidize Fuel
Forbes Middle East

As of Monday, May 30th, the Central Bank of Lebanon will reportedly start its attempts to curb the economic crisis and put an end to the monetary fluctuation the market has been witnessing over the past week.

This comes as an act of transitioning from the ongoing chaos in the markets to trying to bring things back under control.

There have been reports however that the banks were allegedly not abiding by the Governor’s circular that allows depositors to withdraw money in USD over the past week.

Workers in the public sector received their paychecks in dollars on Monday, according to the rate set on Sayrafa.

However, the Banks withheld USD transactions from individuals and subjected them to conditions; such as withholding the money for 24 hours, freezing 1% of the amount, and charging 1% as commission.

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