Lebanon sharply devalues official exchange rate, central bank says

Kitco Media
By Reuters
Published:
Updated:
Reuters
BEIRUT, Feb 1 (Reuters) - Lebanon on Wednesday adopted a new official exchange rate of 15,000 pounds per U.S. dollar, the central bank said in a statement, marking a 90% devaluation from the previous rate that has remained unchanged for 25 years. On Tuesday, central bank governor Riad Salameh told Reuters the planned change was a step towards unifying the various exchange rates in the country, in line with demands by the International Monetary Fund. (Reporting by Maya Gebeily and Timour Azhari; Editing by Frank Jack Daniel)

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