EXCLUSIVE-Lebanon to slash official exchange rate from end of October, finance min says ...Middle East

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EXCLUSIVE-Lebanon to slash official exchange rate from end of October, finance min says
source : Devdiscourse ( Middle East ) () 60
Lebanon plans to slash its official exchange rate from the end of October, replacing the 1,507 per dollar rate adopted 25 years ago with a rate of 15,000 in a step towards unifying numerous exchange rates, the finance minister told Reuters. The pound has plunged by more than 95% from the official rate since Lebanon fell into financial crisis three years ago, with dollars currently changing hands at around 38,000 on a parallel market.

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