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Lebanon restricts dollar cash-outs in bid to bolster currency

A central bank decree that foreign currency entering via non-financial institutions must be cashed out in Lebanese pounds has sparked fears of a currency crisis

  • Nasser Elamine
  • Asia Times

The Lebanese Central Bank has issued a circular requiring non-financial institutions that carry out money transfers from abroad to begin cashing out the amounts strictly in Lebanese pounds, sparking panic among a…

The bank justified the January 14 announcement as a bid to shore up the national currency and to render transfers via Western Union, MoneyGram, and OMT more transparent.

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