The Lebanese currency officially remains pegged at around 1,507 pounds to the dollar, but the black market rate on Monday morning, June 29, reportedly reaches a new record of 8,000.
The Lebanese currency officially remains pegged at around 1,507 pounds to the dollar, but the black market rate on Monday morning reached a new record of 8,000, according to several specialized websites.
Economist Jad Chaaban said banks adopting the new exchange rate on Monday was part of a"strategy of converting more deposits to the Lebanese pound" as foreign currency becomes scarce, he said.
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