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The Lebanese pound collapses

15/06/2020
Source : Option Finance
Categories: General Information
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Last Thursday, the Lebanese pound reached the historic threshold of 5,000 pounds per dollar on the parallel market. The Lebanese currency is officially linked to the greenback at a rate of 1,507.50 pounds, but this rate is in fact only valid for imports of petroleum products, medicines and wheat. Faced with this fall, the President of the Republic, Michel Aoun, announced that the Lebanese central bank would intervene in the foreign exchange market to support the currency by selling dollars. The government is setting a dollar rate of between 3,000 and 3,200 pounds.

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