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Finance Minister Khalil: BDL to use official exchange rate of 15,000 pounds to the dollar

28-09-2022 | 09:11

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Finance Minister Khalil: BDL to use official exchange rate of 15,000 pounds to the dollar

Caretaker Finance Minister Youssef Khalil told Reuters on Wednesday that Lebanon's central bank will use an official exchange rate of 15,000 pounds to the dollar instead of 1,507, calling it a step towards unifying the country's numerous exchange rates.

“The step will come into effect from the end of the October,” Khalil stated.

Lebanese authorities introduced the 1,507 rate in 1997.

But the pound has slumped by more than 95% from the official rate since Lebanon fell into financial crisis three years ago, currently changing hands at around 38,000 on a parallel market.

REUTERS

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