Lebanon central bank vice governors propose floating FX rate ...Kuwait

The vice governors of Lebanon's central bank have proposed lifting the longtime peg on the country's local currency and moving to a managed float by the end of September, according to a copy of their proposal seen by Reuters on Thursday. The Lebanese pound has lost more than 98% of its value on the parallel market since an economic meltdown began in 2019. In February, the central bank devalued the official rate from the decades-old peg of 1,500 to the U.S. dollar to 15,000. On Thursday, the central bank's vice governors met with a group of parliamentarians to propose changes to the country's monetary policy, primarily by moving to a "managed floating" system to reflect

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Last updated : 20 July 2023 clock 07:09 PM

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Lebanon central bank vice governors propose floating FX rate ...Kuwait

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