Economic Indicators
The Bank of Lebanon devalues the national currency
2022.11.21 13:38
The Bank of Lebanon devalues the national currency
Budrigannews.com – As part of a process to unify the country’s multiple exchange-rate systems, Lebanon’s central bank governor Riad Salameh announced on Monday that the country’s central bank will implement an exchange rate of 15,000 Lebanese pounds per US dollar on February 1.
The official rate set by the central bank is 1,500 pounds per US dollar. This rate has almost disappeared since the financial collapse in 2019 that saw the currency lose more than 95% of its value.
On Monday, the parallel market exchange rate was about 39,000 pounds per dollar.
