LEBANON ECONOMY

Lebanon implements a new official exchange rate from Lira to USD

epa10443083 A man holds banknotes of a thousand and 10 thousand Lebanese Lira in front of burnt tires during a protest outside of the Lebanese Central Bank in Beirut, Lebanon, 25 January 2023 (issued 01 February 2023). According to the Banque du Liban (central bank of Lebanon), Lebanon implemented on 01 February a new official exchange rate of 15,000 Lira to the USD with a withdrawal cap of 600 US dollars per bank account, weakening the currency by 90 percent from the old rate of 1,507 Lira to the USD that was held for 25 years. The currency was trading on the parallel market at 60,000 against the dollar on 01 February, four times the 15,000 official rate. EPA/WAEL HAMZEH

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