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Lebanon to apply weaker official exchange rate, Finance Minister says

The Central Bank of Lebanon [Karan Jain/Flickr]
The Central Bank of Lebanon [Karan Jain/Flickr]

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

The step will come into effect from the end of October, Khalil said, Reuters reports.

Lebanese authorities introduced the 1,507 rate in 1997.

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

Unifying the numerous exchange rates is one of several conditions set by the IMF for Lebanon to secure a badly needed aid package. Last week, the IMF said Lebanon's progress in implementing reforms remained very slow.

READ:  Lebanon Parliament passes 2022 budget that falls short of IMF reform

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