Lebanon 2022 draft budget forecasts 20.8 % deficit , drops 25 year old official exchange rate

Lebanon 2022 draft budget forecasts 20.8 % deficit , drops 25 year old official exchange rate

Lebanon’s 2022 draft budget seen by Reuters projected revenues of 39.15 trillion pounds and spending of 49.42 trillion pounds – a deficit of 20.8%. It also applies exchange rates ranging between 15,000 and 20,000 Lebanese pounds per dollar for operating expenses, moving away from the previously used official rate of 1,500, a peg that was introduced 25 years ago

By Laila Bassam and Nayera Abdallah

BEIRUT, Jan 21 (Reuters) – Lebanon’s draft budget for 2022 applies exchange rates ranging between 15,000 and 20,000 Lebanese pounds per dollar for operating expenses, an official source told Reuters on Friday, moving away from the previously used official rate of 1,500.