Lebanese pound under pressure
The central bank sold US dollars to keep the Lebanese pound at 1,514, the exchange rate since 1995. "The central bank has reserves of around $10 billion which enables it to meet all demand and keep the dollar rate under control until new developments appear on the political screen," said Shadi Hanna, vice-president of forex industry body ACI and the head of treasury at Byblos Bank Beirut. He added that the bank is thought to have spent between $1.5 billion and $2 billion propping up the currency
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