Creating new perspectives since 2009

Lebanon bankers strike after 'manipulating Lira' accusations

November 29, 2019 at 1:28 am

The Central Bank of Lebanon [Karan Jain/Flickr]

Lebanon’s cashier’s union yesterday said it would hold a one-day strike on 30 November, in protest against the country’s economic conditions and what it described as “accusations of manipulating the exchange rate of the Lebanese pounds.”

The union president, Mahmoud Murad, said that the move came following accusations made against the bankers that they raised the US dollar exchange rate against the Lebanese pounds.

Lebanon’s local banks recently set a ceiling for the US dollar withdrawals following the liquidity crisis that began months ago across the country, leading to a gradual decline in the local currency. The US dollar exchange rate reached 2,000 Lebanese Lira in the black market against the US dollar, while the official rate stood at 1,507 pounds.

On Thursday, the union criticised the continued depreciation of the national currency, noting that it was affecting the growth of various domestic sectors.

Read: Lebanon Hariri says does not want to be next PM