Furious Lebanese protest against spiraling lira devaluation
Business
Since start of Lebanon's economic crisis in 2019 lira has lost around 97% of its value.
BEIRUT (Web Desk) - Furious by the spiraling lira devaluation, protesters burnt tires and held up bundles of local currency notes outside the Lebanese central bank in Beirut.
Since the start of Lebanon s economic crisis in 2019 the lira has lost around 97 percent of its value. Since January when the exchange rate fell from 42,000 Lebanese lira to a new low of 56,000 this week the loss has been especially pronounced.
There have been protests this week in Beirut, brief street closures, and a small group of demonstrators assembling in front of the Central Bank.
Lebanese banks have severely limited withdrawals of dollars and lira, sometimes known as Lebanese pounds, since the crisis started. These restrictions were never formally codified in legislation but are presently managed by circulars released by the Lebanese Central Bank.
