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Asharq Al-Awsat
Asharq Al-Awsat
World
Asharq Al-Awsat

Cash Is King in Lebanon as Banks Atrophy

Lebanon United States Bekaa Valley central bank Economy Hezbollah
A protester holds Lebanese pounds as he stands in front of burning tires they set on fire, in front the Central Bank building, where the anti-government demonstrators rally against the Lebanese Central Bank Governor Riad Salameh and the deepening financial crisis in Beirut, Lebanon, Wednesday, Jan. 25, 2023. (AP)

The money exchange shop in Lebanon's Bekaa Valley was buzzing with business. Cellphones pinged endlessly and employees shouted out various rates as customers flocked in carrying plastic bags of the crashing local currency to buy US dollars.

"Welcome to the Wall Street of Lebanon," grinned the storefront's owner, a machine gun leaning on a rack behind him in case of a robbery.

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