A money changer in Lebanon

The Syndicate of Money Changers in Lebanon announced late Thursday the suspension of trading from Friday until Monday in a “warning” measure against the continued collapse of Lebanese Pound against the US dollar.

The Syndicate denied any role in this “crazy chaos of the dollar price”, fueled by rumors and erroneous electronic platforms that give reckless economic analysis most of the time to only reap fame.”

They said it has “led to panic amid an alarming economic environment making people and traders rush to buy dollars.”

Legal exchange traders are finding themselves as a “hostage” between the supply and demand of dollars, and have therefore decided to stop trading in an attempt to stop the deterioration of the Lebanese pound.

On Thursday, Lebanon’s currency continued its crash against the dollar, reaching a new low amid financial turmoil in the crisis-hit country compounded by the coronavirus outbreak.

The Lebanese pound traded between 3,500 and 3,700 to the dollar on Thursday, a sharp jump amid general currency depreciation that began in March. It had been pegged to the dollar at 1,507.5 pounds since 1997.

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