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Lebanon economy

Lebanon central bank will intervene in order to control the exchange rate: Presidency

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Lebanon’s central bank will allow banks to conduct currency transactions similar to exchange dealers and will step in to rein in the pound/dollar rate, the presidency said on Friday.

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Sharp new falls in the Lebanese pound, which has lost 90 percent of its value, have fueled unrest in recent weeks.

“As of next week, banks will be allowed to deal with currencies like legitimate exchange dealers...via the (central bank’s electronic) platform,” a spokesman for President Michel Aoun said after his adviser met Central Bank Governor Riad Salameh.

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