Lebanon's Central Bank Burns as Protesters Rail Against Fiscal Failures
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Protesters in Lebanon have set fire to the central bank in Tripoli in a show of anger with the country’s deepening economic crises and stagnant political orthodoxy.
Joyce Karam of United Arab Emirates-based media outlet TheNational reported June 11 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— a 20% depreciation since April, and over 230% since the peg was respected in January.
However, recent reports also indicate that an increasing number of protestors are embracing Bitcoin (BTC) as a means of bypassing Lebanon’s failing monetary system.
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