Financial and Banking News

REGIONAL BANKING

Banks Close Lebanese Exchange Markets 

Beirut's foreign exchange markets stayed open for only 90 minutes on 25 January before the commercial banks acted to prevent a wholesale collapse of the Lebanese pound by stopping further transactions. Having reached an all-time low of LLll=$1 on 24 January, the rate slipped to LL12.25 the next morning on heavy selling pressure. Despite various official statements, the country's central bank...