The Syndicate of Money Changers in Lebanon announced that it will halt trading from Friday to Monday, calling all exchange shops to close in protest of the uncontrollable exchange rate.
‘Legal’ exchange traders caught between the demand and supply of dollars have decided to stop trading in an effort to halt the unreasonable soaring prices of the dollar.
The spread of false news on social media and the black market rate traders have caused people to panic at the currency exchange locations, taking the Lebanese pound down the rabbit hole into nothingness.
Pegged at 1,500 since 1990, the Lebanese pound reached 4,000 to the dollar on Thursday. Protests broke out around Lebanon to rise against this unfathomable increase, calling for the resignation of the governor of the Central Bank, Riad Salameh.
Furthermore, the Lebanese Prime Minister Hassan has been pressing Salameh to explain the deterioration of the Lebanese pound.