It has been a very unusual one-and a half- year for the Lebanese economy. From an economy that was perfectly liberal and home to a vibrant banking sector, it turned almost overnight to an economy mired with informal capital controls, multiple exchange rates, and struggling banks, let alone an unprecedented economic depression. As if that was not enough, the process of money creation/contraction has also undergone very uncommon changes, in that the main driver behind these changes was not one of the fundamental determinants that we usually associate changes in the money supply with but a minor one.
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