Lebanon c. bank to sell US dollars to prop up collapsing pound

Lebanon c. bank to sell US dollars to prop up collapsing pound

This illustration photo shows a one dollar bill next to a hundred thousand Lebanese pounds banknote in Beirut on March 14, 2023, as Lebanon’s currency plunged to a historic low against the dollar on the parallel market. – Officially pegged at about 1500 to the dollar in 2019 , the Lebanese pound was trading at 100,000 LL against the greenback, dealers said — a dizzying plunge from 2019 when 100, 000 LL was worth over $66 . The Lebanese pound’s parallel market rate weakened today to 143 , 000 LL to the dollar . This is when the Central Bank intervened by offering to sell Dollars at its exchange platform, for 90,000 Lebanese pound. All these measures by the Central banks have so far failed to stabilize the exchange rate (Photo by JOSEPH EID / AFP)

 Lebanon’s central bank will begin selling unlimited amounts of U.S. dollars in a bid to halt the spiralling devaluation of the Lebanese pound, Governor Riad Salameh said on Tuesday.

Salameh set a new rate for Sayrafa, the