Lebanon’s central bank caps dollar price for FX dealers at 3,200 pounds

A woman counts U. dollar banknotes as Lebanese pounds are pictured in the background at a currency exchange shop in Beirut, Lebanon. (Reuters)

Lebanon’s central bank said foreign exchange dealers could not sell US dollars for more than 3,200 Lebanese pounds, according to a circular on Sunday.

The Lebanese pound has fallen sharply over the past week, nearing 4,000 to the US currency on a parallel market that is the main source of hard currency amid a dollar crunch.

The official rate at banks remains pegged at 1507.5 pounds to the dollar.

In a related development, Lebanese parliament speaker Nabih Berri has warned that removing the central bank governor would send the currency tumbling and threaten deposits, after the prime minister slammed Riad Salameh for the pound’s fall.

Prime Minister Hassan Diab on Friday cast Salameh as responsible for a currency crisis that has threatened to further destabilize a country already in dire financial straits.

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Last Update: Wednesday, 20 May 2020 KSA 09:58 - GMT 06:58
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