Business & Economy

Lebanon changes the official exchange rate today

A source in the Central Bank of Lebanon announced that Lebanon will change the official exchange rate to 15,000 pounds to the dollar, starting tomorrow, Wednesday, which represents a devaluation of the currency by approximately 90%, in light of an economic crisis that has been going on for years.

The Lebanese currency has been officially pegged at 1,507 pounds to the dollar since 1997, but the value of the currency began to decline in late 2019 and recorded record declines of more than 60,000 this month.

A source at the Central Bank of Lebanon said today, Tuesday: “As of tomorrow, one dollar will equal 15,000 (pounds),” according to “Agence France Presse.”

The source, who spoke on condition of anonymity because he is not authorized to speak to the media, added: “There will be no such thing as the exchange rate at 1507.”

The first change to the official exchange rate in more than two decades comes at a time when the currency was trading at 58,000 to the dollar in the parallel market today, Tuesday, which is equivalent to 4 times the exchange rate of 15,000.

The Finance Ministry announced last year that it would introduce the official exchange rate of 15,000 in November, but the move has not been implemented.

In the face of the high rate of poverty and financial collapse, the Lebanese pound has seen more than 95% of its market value against the dollar since 2019.

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