Furious Protesters in Lebanon have set fire to the central bank in Tripoli concerning the country’s deepening economic crises as the currency collapses.
On June 11 Joyce Karam of The National tweeted that the Lebanese pound (LBP) is trading for more than 5,000 per $1 in spite of the country’s official peg of 1,507 per dollar.
This is a 20% depreciation since April and over 230% since the peg was respected in January.
Reportedly, an increasing number of protestors are also embracing Bitcoin (BTC) as a means of bypassing Lebanon’s failing monetary system.
On June 12, Reuters reported that Lebanon’s central bank will begin injecting funds into its currency market in a bid to stem the rapid depreciation while escalating tensions and local unrest.
Some currency dealers have already responded to the central bank’s move, lowering prices down to roughly 4,500 pounds per dollar.
Meanwhile, government officials have also pledged to take action intended to reduce its value by to roughly 3,000 pounds per $1.
However, recent attempts by politicians to quell the country’s deepening economic crisis have been largely unsuccessful, with protestors having erupted into multiple demonstrations targeting banks with rocks and fire in recent months while Lebanese officials racked up record debts.
Meanwhile, an increasing number of Lebanese citizens are turning to Bitcoin and other cryptocurrencies amid the crisis.
Nikkei Asian Review reported that among the country’s protesters digital assets are
“being embraced as an alternative to dollar assets”