The Central Bank issued a circular stating that all non-bank institutions like OMT and Western Union must settle money transfers in Lebanese Lira at the market exchange rate.
This means that you can no longer receive money transfers in USD, but rather in LBP according to market rate price. Meanwhile, the dollar in Lebanon reached 3,000 LBP for the first time in thirty years.
This drew people back into the streets. groups of protesters gathered around the Revolution Fist near Martyrs’ Square, protested in front of the Association of Lebanese Banks, and later made their way to the Ministry of Economy to protest against the banks and monetary policies.
The hike in prices on vital products trumps the fear of spreading the coronavirus.
This decision came as a result of a dispute between the union and the Minister of Economy regarding the price of bread packs.
The Minister of Economy, Raoul Nehme, said that the government is not able to enforce its official regulations, which would control price gouging and suggested that citizens can boycott items with high prices.
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