Lebanese pound: exchange rate lowered more than 50% – The National

Lebanese pound: exchange rate lowered more than 50% – The National

Lebanese pound: exchange rate lowered more than 50%. The Lebanese central bank set an exchange rate of 3,625 Lebanese pounds to the US dollar to be applied by money-transfer firms on Friday, 58 per cent weaker than the official peg as the country grapples with its financial crisis, a central bank source said.. The new rate is seen as part of wider moves by the central bank away from a peg in place since 1997, bankers said.. Though the official pegged rate of 1,507.5 pounds is still in place, it amounts to an effective devaluation of the pound, they said.. The new rate applies to money sent through wire transfer offices, which are used by many Lebanese abroad to send money to family at home.. "Prices may change every day and will be set the day before," the central bank source said, adding that the rate reflected the price dollars were fetching at foreign exchange offices.. With dollars in short supply, the central bank earlier this month said the money-transfer services must issue cash in the local currency at a "market rate".. Earlier the week, the central bank also said depositors with dollar accounts in Lebanon would be paid cash