Heavy Demand On Dollar In Lebanon

Bankers in Lebanon have said some concerned citizens have moved to convert their Lebanese pound accounts to US dollars, prompted by the heightened tension which spilled over to the capital Sunday, despite reassurances by the central bank that it is in full control of the monetary situation.

“There was significant demand for the U.S. dollar in some banks today, but I can’t say this was a rush,” Alain Wanna, a senior executive at Byblos Bank, told The Daily Star.
He added that the dollar traded between LL1,504 and LL1,507 and these rates are normal in the market.

“It’s true that some people switched their accounts to U.S. dollars, but the exchange rate did not reach LL1,514 and this is reassuring,” Wanna said, according to the Daily Star.