Lebanese governor promises devaluation as crisis deepens
The governor of Lebanon’s central bank said it would devalue the currency, but to a rate much stronger than that currently prevailing on unofficial markets.
Riad Salameh told the US-based Al-Hurra TV network the central bank would reduce its several official exchange rates to just two, Reuters reported. Salameh said it would do so by February 1 next year.
After the devaluation, Salameh said the exchange rate for withdrawals from lenders would be 15,000 Lebanese pounds to the dollar, while the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Governance
IMF: Argentina needs ‘a strong and credible central bank’
Central bank caps banks’ FX holdings ahead of Milei inauguration on December 10
Bank of Thailand pauses rate hikes after inflation turns negative
Central bank cuts GDP forecasts amid signs of tension with government over fiscal stimulus
Likely Polish prime minister repeats vow to remove governor
Central bank uses billboard to set out message as Tusk says parliament may impeach Glapiński
IMF says Bahamas must tighten monetary financing rules
Country adopted new limits on central bank loans in April, but IMF says cap still too high
Parliamentary committee calls for BoE governance reforms
Report urges simpler mandate, greater “diversity of thought” and regular reviews
Australia announces RBA governance law and new deputy governor
Labor government appoints BoE official Andrew Hauser to senior role
China appoints head of foreign exchange regulator
Veteran banking executive Zhu Hexin to lead Safe in latest change among senior financial officials
Former Nigerian central bank governor granted bail on fraud charges
Emefiele pleads not guilty to new $2 million fraud indictment, trial starts November 28