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The central bank on Wednesday extended Circular 161 until the end of April. First issued on Dec. 16, Circular 161 initiated Banque du Liban’s most recent intervention in Lebanon’s currency market, under which it at first increased and later removed the dollar quotas available to commercial banks. A fast-falling lira, dropping at one time to a nadir of LL33,700 to the US dollar, and political pressure from Prime Minister Najib Mikati’s government were the main drivers behind the central bank’s decision to revise the terms of the circular in mid-January and remove all the quotas.