Jan 31, 2023
Lebanon to Devalue Currency 90%, Central Banker Says: Reuters
(Bloomberg) -- Lebanon will adopt a new official exchange rate of 15,000 pounds per US dollar on Feb. 1, central bank Governor Riad Salameh said, according to Reuters.
That would mark a 90% devaluation from its current rate, which has been unchanged for 25 years, Reuters said.
The change will apply to banks, Salameh said.
The new rate would still be someway off the 57,000 per dollar that the currency was trading at in the parallel market on Tuesday, Reuters said.
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