Lebanon to devalue currency by 90% on Feb. 1, central bank chief says – Reuters
- Date: 01-Feb-2023
- Source: Reuters
- Sector:Financial Markets
- Country:Lebanon
Lebanon to devalue currency by 90% on Feb. 1, central bank chief says – Reuters
BEIRUT, Jan 31 (Reuters) - Lebanon will adopt a new official exchange rate of 15,000 pounds per U.S. dollar on Feb. 1, central bank governor Riad Salameh said, marking a 90% devaluation from its current official rate that has remained unchanged for 25 years.
The shift from the old rate of 1,507 to 15,000 is still far off the parallel market, where the pound was changing hands at around 57,000 per dollar on Tuesday.
The change will apply to banks, Salameh said, leading to a decrease in the equity of the institutions at the centre of the country's 2019 financial implosion.
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