The Bank of Lebanon permits the sale of dollars at the price of a roofless “exchange” platform

The Central Bank of Lebanon said Thursday that the bank will continue to allow commercial banks to buy any amount of dollars at the exchange rate.

The central bank intervention in the foreign exchange market, which began last week, led to the rise in the value of the Lebanese pound to around 23,000 pounds per dollar, from 34,000 pounds earlier this month.

The policy, agreed in a meeting between Prime Minister Najib Mikati, Finance Minister Youssef Khalil and Central Bank Governor Riad Salameh on 11 January was criticized as unsustainable for the use of limited reserves in dollars to support the exchange rate.

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