The central role of Banque du Liban (BDL) in currency exchange markets has shrunk dramatically due to the stress brought about by monetary speculation, which mainly feeds on the deepening state of uncertainty experienced by Lebanon.
While BDL is supposed to be a major maker of exchange markets and a controller of cash management in the country, its role quickly turned into a lone goalkeeper fending off fierce attacks by speculators on the price of the Lebanese lira, according to a senior banking official.
