According to central bank chief Riad Salameh, Lebanon will adopt a new official exchange rate of 15,000 pounds per US dollar on February 1, which will devalue the currency by 90%.
Central bank governor Riad Salameh announced that Lebanon will adopt a new official exchange rate of 15,000 pounds per U.S. dollar on February 1.
The change from the previous rate of 1,507 to 15,000 is still much below the amount the pound was trading at on Tuesday on the black market, which was roughly 57,000 per dollar.
According to Salameh, the modification will affect banks, which will result in a decline in the equity of the organizations at the center of the nation's 2019 financial meltdown.
The wider economy, which is more dollarized and where the majority of deals are conducted using the parallel market rate, is anticipated to be less affected by the change.
Since the pound started to deviate from the 1,507 rates in 2019, it has lost approximately 97% of its value.
According to ...