BEIRUT, Feb. 19 (Xinhua) -- The duty free area of Lebanon's Beirut airport's has increase the exchange rate to 2,100 Lebanese pounds to the U.S. dollar, local media said on Wednesday.
The duty free area authorities justified the step as an attempt to maintain the level of their services and ability to continue importing products, online independent newspaper Elnashra reported.
Currently, the official exchange rate at the local banks is 1,515 Lebanese pounds to the dollar.
Over the past few months, Lebanese banks imposed restrictions on people's withdrawal in the U.S. currency, creating fear among depositors about their dollar accounts and prompting them to increase their demand for dollar which led to a further weakening of the Lebanese pound.
Since banks did not cater to the demand of depositors for U.S. dollar, individuals and businesses started withdrawing Lebanese pounds and exchanging them at money exchange companies which created a parallel market where one U.S. dollar is sold at up to 2,500 Lebanese pounds.
