Published 1 year ago

Lebanon devalues official exchange rate by 90%

Summary by Ground News

Lebanon is currently in one of the worst economic crisis globally in centuries, according to the World Bank. The pound was trading at about 58,000 to the dollar on Tuesday, the day before the new exchange rate took effect. The establishment of a new official exchange rate is part of Lebanon's work toward receiving a bail-out from the International Monetary Fund.

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Reuters

Lebanon devalues official exchange rate by 90%

Lebanon adopted a new official exchange rate of 15,000 pounds per U.S. dollar on Wednesday, the central bank said, marking a 90% devaluation from its previous official rate that had been unchanged for 25 years.

1 year ago·United Kingdom

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Associated Press News

Lebanon sets new exchange rate, dramatically devalues pound

BEIRUT (AP) — Three years into a crippling financial crisis, Lebanon's Central Bank on Wednesday set a new exchange rate that effectively devalued the country's currency by 90% but did little to bridge the gap with the soaring black market rate.

1 year ago·United States

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KRDO

Lebanon sets new exchange rate, dramatically devalues pound

By KAREEM CHEHAYEB Associated Press BEIRUT (AP) — Lebanon’s Central Bank has set a new exchange rate that effectively devalues the country’s currency by 90% but did little to bridge the gap with the soaring black market rate. Wednesday’s dramatic measure is meant to stabilize the free-falling Lebanese pound and eliminate the multiple exchange rates that currently exist. That was a key demand of the International Monetary Fund for a bailout packa…

1 year ago·Colorado Springs, United States

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KIFI

Lebanon sets new exchange rate, dramatically devalues pound

1 year ago·Idaho Falls, United States

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Channel News Asia

Lebanon devalues official exchange rate by 90%

BEIRUT: Lebanon devalued its official exchange rate for the first time in 25 years on Wednesday (Feb 1), weakening it by 90 per cent but still leaving the local currency well below its market value. The pound has crashed since a financial meltdown in 2019 after decades of corruption, profligate spending an

1 year ago·Singapore

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Winnipeg Free Press

Lebanon sets new exchange rate, dramatically devalues pound

BEIRUT (AP) — Three years into a crippling financial crisis, Lebanon’s Central Bank on Wednesday set a new exchange rate that effectively devalued the country’s currency by 90% but did […]

1 year ago·Winnipeg, Canada

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