The Lebanese Finance Minister, Youssef Khalil, said that the Banque du Liban will adopt an official exchange rate of 15,000 pounds to the dollar, instead of 1,507.
He explained, in statements to “Reuters”, that the new exchange rate for the pound will be applied starting from the end of October.
He added that the new rate is an essential step for unifying the exchange rate.
and recorded Lebanese pound Last week, its lowest levels against the US dollar were in the parallel market, coinciding with the start of a three-day closure of banks in protest against the incursions that affected a number of their branches.
The exchange rate at that time touched the threshold of 38,500 pounds against the dollar, according to online applications and money changers, after it recorded 38,600 days before, at the lowest level since the start of the economic collapse that Lebanon has witnessed nearly three years ago, and the World Bank ranks it among the worst in the world.
Since the summer of 2019, the lira has gradually declined against the dollar, losing nearly 95% of its value, while the official exchange rate has remained at 1507 liras. The humiliation coincides with a severe liquidity crisis and the banks’ cessation of providing depositors with their money in dollars.