Lebanese banks dollar withdrawal rate at 3,000 pounds, half official peg: Sources

Lebanese banks have set an exchange rate of 3,000 pounds per dollar for withdrawals from US dollar accounts for this week, two banking sources said on Monday, around 50 percent weaker than the currency’s official pegged value.

According to a central bank circular last week, depositors with dollar accounts in Lebanon will be paid cash in the local currency at a “market rate” within each bank’s withdrawal limits.

The pound has slumped since October as Lebanon has sunk deeper into a financial crisis that has hiked prices, fueled unrest and locked depositors out of their US dollar savings.

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Last Update: Wednesday, 20 May 2020 KSA 10:02 - GMT 07:02
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