Agence France-Presse, citing a source at the Lebanese Central Bank, said the bank intends to correct the official exchange rate of the lira to 15,000 against the dollar after it was fixed at 1,507 lire since 1997.
AFP quoted a source as saying that “the new exchange rate will be adopted from the end of October”, which comes after about 3 years of unprecedented economic crisis in the country, which caused the lira to lose about $95. % of its value, as exchange rates reached record highs, in recent months it has exceeded forty thousand.
Since 2019, Lebanon has experienced an economic collapse that the World Bank has ranked among the worst in the world, while this country is experiencing political paralysis that prevents it from taking measures to limit the deterioration and improve the quality of life of the population, more than 80% of them live for the poverty line.
Source: AFP