DUBAI - Lebanon's Middle East Airlines and other carriers operating in the country will no longer accept payments in the local currency, the latest sign of collapsing confidence in the country's decades-old peg to the dollar.
In the wake of the announcement, dozens of customers crowded the MEA offices at Beirut airport - the only one open on Sunday - in the hopes of paying for their tickets in Lebanese pounds, images broadcast on local TV showed, AFP reported. The Lebanese pound, pegged to the dollar since 1997, is losing value on the black market as shortages of foreign exchange paralyse businesses and threaten to tip Lebanon into default.
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