Lebanon’s central bank said on Friday it was seeking to strengthen the Lebanese pound against the dollar, after it sank to a record low this week sparking fresh protests over price hikes and the collapse of the country’s economy.

Central Bank of Lebanon Governor Riad Salameh told Reuters, “After the Central Bank of Lebanon issued circular 161 and canceled a ceiling related to bank purchases in dollars using the official “Sayrafa” platform, the aim of this circular was to reduce the volume of banknotes in Lebanese pounds in circulation,” stressing that “the process of reducing The lira banknotes will be between the central bank and commercial banks.”

He added, “This initiative aims to curb the fluctuations in the exchange market, and aims to enhance the value of the lira against the dollar.”