|18 October, 2019

Lebanon dollar-bonds tumble on second day of fiery protests

The 2025 bond suffered its sharpest decline in two months, dropping to 67.09 cents in the dollar

A man counts Lebanese pounds at an exchange office in Beirut, Lebanon, August 16, 2018.

A man counts Lebanese pounds at an exchange office in Beirut, Lebanon, August 16, 2018.

REUTERS/Mohamed Azakir

LONDON - Lebanon's sovereign dollar-bonds tumbled as much as 1.9 cents on Friday after the biggest protests in years continued for a second day throughout the country, which is mired in an economic crisis. 

The 2025 bond suffered its sharpest decline in two months, dropping to 67.09 cents in the dollar, according to Tradeweb data.

Lebanon is one of the world's most heavily indebted country, struggling with low growth and crumbling infrastructure. Thousands of people gathered outside the government headquarters in central Beirut on Thursday evening, forcing the cabinet to backtrack on plans to raise a new tax on WhatsApp voice calls.

(Reporting by Karin Strohecker Editing by Tommy Wilkes) ((karin.strohecker@thomsonreuters.com; +442075427262; Reuters Messaging: karin.strohecker.reuters.com@reuters.net))

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