Lebanon sharply devalues official exchange rate, central bank says

Lebanon sharply devalues official exchange rate, central bank says
# 01 February 2023 13:00 (UTC +04:00)

Lebanon on Wednesday adopted a new official exchange rate of 15,000 pounds per U.S. dollar, the central bank said in a statement, marking a 90% devaluation from the previous rate that has remained unchanged for 25 years, APA reports citing Reuters.

On Tuesday, central bank governor Riad Salameh told Reuters the planned change was a step towards unifying the various exchange rates in the country, in line with demands by the International Monetary Fund.

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