Protesters in Sidon Close Money Exchange and Transfer Shops

Protesters in the southern city of Sidon forced the closure of exchange and money transfer houses as Lebanon grapples with a dollar shortage crisis triggering economic woes, the National News Agency reported on Wednesday.

Tens of protesters, and school students marched in Riad al-Solh street in Sidon closing exchange and money transfer houses amid tight security measures, said NNA.

Fears of a US dollar shortage have raised anxiety over a possible devaluation of the Lebanese pound and price hikes, amid nationwide protests lingering since October 17 demanding an overhaul of the entire political class.

Amid the turmoil, banks stayed shut for weeks and restricted withdrawals, foreign currency transactions and access to dollars.

The Lebanese pound has been pegged to the dollar at an official rate of 1,507 to the dollar since 1997. Exchange shops are now trading at 1,900 Lebanese pounds to the dollar, a devaluation of more than 25%.