Lebanese banks raise USD withdrawal rate to 3850 pounds/dollar – ZAWYA

Lebanese banks raise USD withdrawal rate to 3850 pounds/dollar – ZAWYA

Lebanese banks raise USD withdrawal rate to 3,850 pounds/dollar | ZAWYA MENA Edition HomeMarketsCurrenciesArticleLebanese banks raise USD withdrawal rate to 3,850 pounds/dollar With dollars growing ever more scarce, the Lebanese pound has plunged since last year by nearly 80%    A money exchange vendor displays Lebanese pound banknotes at his shop in Beirut, Lebanon, August 16, 2018. BEIRUT- Lebanese banks raised the exchange rate to 3,850 pounds per dollar for withdrawals from U.S. dollar accounts, bankers said on Monday, as a liquidity crunch erodes the currency's value.With dollars growing ever more scarce, the Lebanese pound has plunged since last year by nearly 80% from an official peg of 1,507.5, now only available for vital imports.Inflation, unemployment and poverty have soared. The government is trying to enlist IMF help to claw out of the crisis, which is seen as the biggest threat to Lebanon's stability since its 1975-90 civil war.With dollars growing ever more scarce, the Lebanese pound has plunged since last year by nearly 80% from an official peg of 1,507.5, now only available for vital imports.BEIRUT- Lebanese banks raised the exchange rate to 3,850 pounds per dollar for withdrawals from U.S. dollar accounts, bankers said on Monday, as a