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Lebanon Central Bank to Use Forex Rate of 15,000 Pounds per Dollar as of Feb. 1 

Lebanon Central Bank to Use Forex Rate of 15,000 Pounds per Dollar as of Feb. 1 

Monday, 21 November, 2022 - 18:15
US dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon March 2, 2021. (Reuters)

Lebanon's central bank will adopt an exchange rate of 15,000 Lebanese pounds per US dollar as of Feb. 1 as part of a process to unify the country's multiple exchange-rate system, Lebanese central bank governor Riad Salameh said on Monday. 


The central bank's official rate is currently set at 1,500 pounds per US dollar, a rate that has become all but defunct since a 2019 financial implosion that has seen the currency lose more than 95% of its value. 


The parallel market exchange rate was hovering at around 39,000 pounds per dollar on Monday. 


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