Lebanon's currency on downward spiral amid financial turmoil

Lebanon’s currency continued its downward spiral against the dollar on Thursday, reaching a new low amid financial turmoil in the crisis-hit country compounded by the coronavirus outbreak. The currency crash came as hundreds of Lebanese – most of them wearing face masks but few keeping a safe distance - crowded outside money transfer offices Thursday, the last day that authorities allowed dollars to be dispensed to customers following new Central Bank rules. The rules, detailed in a bank circular released this week, require banks to convert cash withdrawals from foreign currency bank accounts to the local currency, the Lebanese pound, at market rates determined daily by the bank.

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