Lebanon devalues official exchange rate by 90% – Reuters

Lebanon devalues official exchange rate by 90% – Reuters

BEIRUT, Feb 1 (Reuters) - Lebanon devalued its official exchange rate for the first time in 25 years on Wednesday, weakening it by 90% but still leaving the local currency well below its market value.

The pound has crashed since a financial meltdown in 2019 after decades of corruption, profligate spending and mismanagement by the ruling elite in Lebanon which has left the crisis to fester despite soaring poverty.

The central bank confirmed the new official rate of 15,000 pounds per dollar, scrapping the rate of 1,507.5 pounds at which the currency was pegged for decades before the collapse.