Lebanon’s central bank announced on Tuesday it was steeply lowering the value of the pound to 38,000 pounds per US dollar on its Sayrafa exchange platform, in a bid to ease the currency’s depreciation to record lows on the parallel market.
The Sayrafa platform rate sat at 31,200 on December 23, the last day of trading.
It was trading at more than 47,000 pounds to the dollar on the parallel market and at exchange houses on Tuesday.
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The central bank said in a statement that the Lebanese pound’s devaluation during the festive period was due to currency speculation and the smuggling of dollars out of the country.
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