Lebanon’s crippled
economy hobbles
into the new year

msn

For more than two years, people in Lebanon with United States dollar accounts in the country’s banks have faced severe restrictions on withdrawals, as hard currency dried up and the value of the Lebanese pound plummeted. So when Lebanon’s central bank issued a directive last month more than doubling the exchange rate for Lebanese pound withdrawals on dollar deposits, chaos ensued.

In one bank, staff and security struggled to hold down the entrance door, as retired and off-duty soldiers barged through to withdraw savings at the more favourable rate. One off-duty soldier in military garb crawled under their legs to get inside. FULL STORY