The Central Bank of Lebanon is the problem not the solution ...
Doron Peskin, Middle East Expert 02.12.2021
Despite the loss of the pound (over 90% in two years) and rampant inflation, the central bank continues to print money. Today the bank announced a turnover of banknotes with a face value of 10,000 pounds.
These banknotes go into circulation alongside banknotes that already exist at the same denomination. The central bank claims that the new banknotes have better security signs, but when the value of the pound is around $24,500 to each $1, it is difficult to see anyone making an effort to counterfeit the pound.
Even on social media this bizarre move by the bank especially at the present time has encountered cynical reactions which most have held that the new note like its predecessors can buy nothing.
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