Lebanon to inject dollars as currency plunge revives protests

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Hundreds protested for a second night over the Lebanese authorities’ handling of a deepening economic crisis, despite the government pledging on Friday to inject dollars into the market to bolster the sagging currency.

Demonstrators had thrown stones and Molotov cocktails toward the soldiers and damaged the facades of several banks and shops. Soldiers responded with tear gas.

Lebanese media reported that the exchange rate had tumbled to 6,000 per dollar on the black market early on Friday, compared to the official peg of 1,507 in place since 1997. Tensions have grown recently between the government, which is backed by Shiite movement Hezbollah, and the central bank’s governor.Protesters accuse him of having encouraged state borrowing over the decades that they say benefited only the banking and political elite.

Hezbollah supporters joined the demonstrations late Thursday, despite usually being against the protest movement that began in October.

 

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