Lebanese central bank intervenes to stop lira nosedive ...Kuwait

The New Arab - News
Lebanese central bank intervenes to stop lira nosedive
source : The New Arab ( Kuwait ) () 54
The Central Bank of Lebanon (BDL) raised the price at which it sells US dollars on its Sayrafa exchange platform Wednesday night attempting to stabilise the plunging Lebanese lira. The lira immediately gained some of its value, increasing from 91,000 Lebanese lira to the US dollar to 80,000 in less than a day. BDL also increased the exchange rate at which public employees are paid their salaries, paying out salaries at 50 per cent of the actual exchange rate as opposed to 15 per cent. Analysts, however, have said that the Central Bank's intervention is a short-term, "unsustainable" fix. "It's not sustainable. After the effect of the Sayrafa [rate increase] ends, noth

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