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  • 01-02-23

    Lebanon Central bank chief announces new exchange rate of 15,000 pounds for one USD

    (MENAFN) Lebanon is going to adopt an additional official trade rate of 15,000 pounds for one US dollar as of the 1st of February, Riad Salameh, the central bank governor, stated.

    The additional rate signifies a 90 percent decline from its current official rate. The change from the old rate of 1,507 to 15,000 is still far off the similar market, where the pound was exchanging at nearly 57,000 for one dollar on Tuesday.

    The change is going to be implemented in banks, Salameh stated, causing a fall in the equity of the institutions at the center of the nation’s 2019 economic collapse.

    Analysts estimate the shift to have lower effect on the expanded economy, which is progressively dollarized and where the majority of exchanges occur in line with the parallel market rate.

    The pound has decreased by an amount of 97 percent of its worth since it started to distance from the 1,507 rate in 2019.

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