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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

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

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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