Protesters in Lebanon have rallied in front of the central bank to demand the removal of capital controls. It prevent them from withdrawing their savings and for the bank’s governor to held accountable for the worsening economic crisis.
Angry Lebanese who rallied in the capital, Beirut, on Friday said that while politicians able to move large sums of money outside the country. They had left to pay for the crisis.
Lebanon’s extraordinary economic breakdown became apparent in October 2019 when the central bank suddenly imposed capital controls.
Thus, capping withdrawals and preventing most Lebanese from transferring money overseas.
In February, the central bank confirmed a new official exchange rate of 15,000 pounds per US dollar.
Thus, scrapping the rate of just more than 1,500 pounds. In which the currency was pegged for decades before it collapsed.
Depositors complain that withdrawing savings at the official rate hugely disadvantageous.
As because the Lebanese pound has hovering around a record 100,000 to the dollar on the parallel market, on which day-to-day transactions has made.
Central bank Governor Riad Salameh denied reports that the country is bankrupt due to an estimated $70bn in losses to the financial system.
Salameh has ben issued with international arrest warrants. But Lebanon has so far refused to extradite him.
He banned from leaving the country but remains in his position at the bank.