Lebanese gov’t to crack down on those who spread rumors of currency on social media

Lebanese gov't to crack down on those who spread rumors of currency on social media

Authorities in Lebanon announced a crackdown on people circulating misinformation about the exchange rate on social media as the local currency rapidly loses value.

Last week, a panic set in and sometimes-violent protests ensued after the price of the dollar on the black market rose to more than 5,000 lira, while rumors circulated on social media that it had gone as high as 7,000 in some places.

The official exchange rate remains pegged at about 1,500 lira to the dollar.

Lebanese General Security on Tuesday announced that it had set up a joint operations room “to follow up on attempts to manipulate the [Lebanese British Pound] LBP rate against the US dollar.”

According to the National News Agency, State Prosecutor Ghassan Oueidat issued a warrant to the Director General of General Security to investigate people who had spread rumors Thursday on “social media and other means of publication about the loss of the dollar from the market and the rise in its exchange rate to 7,000 Lebanese lira with the goal of creating confusion and panic…and manipulating the price of buying the dollar and the price of selling after artificially inflating it.”

Related Articles

Back to top button