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The decision was made because of speculation and dollars being smuggled abroad, according to Lebanon's central bank, issues that were 'causing inflation in the markets'.
The Lebanese currency sold at close to 38,500 to the greenback on Monday, according to websites monitoring the exchange rate. It had briefly plunged to 38,600 against the dollar on Friday before rising slightly.
Lebanese citizens who are finding it hard to migrate to the Gulf to find job opportunities are looking to Iraq as a second option for employment.
![Riad Salameh[Getty]](/sites/default/files/styles/large_16_9/public/media/images/29742B90-BB24-4FDA-836F-F3D95AF2D8C4.jpg?h=d1cb525d&itok=xujk280N "Riad Salameh[Getty]")
Lebanese security personnel sought to bring Riad Salameh in for a court hearing that he was ordered to attend, but were unable to locate him.
Food prices have increased on a global scale in February this year, according to a report conducted by The Food and Agriculture Organisastion, which said that Russia's invasion of Ukraine was likely to impact grain exports by the end of 2022.
The pound was trading at 30,000 to 1 U.S. dollar on the black market as the economic crisis continues with no solution expected in the near future.
![The Lebanese pound has hit an all-time low against the US dollar [Getty]](/sites/default/files/styles/large_16_9/public/2021-11/GettyImages-1236789021.jpg?h=199d8c1f&itok=swqrfFAE)
As the value of the Lebanese pound sank to a new low, the Lebanese central bank blamed Google and Facebook for failing to remove ‘illegal’ currency trading apps from their platforms
One of Lebanon's biggest banks has closed all its branches, after it was assessed that it would be unable to meet the needs of clients, threatening public sector salaries.
![The border crossing between Syria and Jordan is now fully open [Getty]](/sites/default/files/styles/large_16_9/public/2021-09/GettyImages-1235573752.jpg?h=a31d927f&itok=d-4yVcPJ)
Jordan has fully reopened its main border crossing with Syria in an effort to boost trade links with the Assad regime.
The Lebanese government will restart negotiations with the IMF and begin reforms demanded by donors to end corruption after a year of political and economic turmoil plunging many of the population into poverty.