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During the Lebanese Civil War, the Lebanese pound was severely devalued. [1] After the war, which ended in 1990, the Lebanese government pegged the pound to the United States dollar at an official exchange rate of 1,507 pounds per dollar to stabilize its currency. [2]
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
The official rate was increased by a multiple of 9.95 on 1 February 2023 as per decision of the central bank to reach LL 15,000 per USD. [27] Lebanon's Central Bank's "Sayrafa" rate = LL 86,400 (May 2023). [28] The Sayrafa rate is the rate the central bank redeems international credit and debit card payments.
Bundles of Lebanese pound banknotes, their value now drastically reduced. The Lebanese liquidity crisis is an ongoing financial crisis affecting Lebanon, that became fully apparent in August 2019, and was further exacerbated by the COVID-19 pandemic in Lebanon (which began in February 2020), the 2020 Beirut port explosion and the Russian invasion of Ukraine.
According to a World Bank report, Lebanon's economy which was structurally strained before the Syrian shock suffered a real blow as an aftermath of the Syrian crisis which brought around 1.5 million Syrian refugees into Lebanon. [61] The GDP growth rate declined to around 1 percent in 2018. [62] In August 2019, the USD parallel exchange rate ...
BBC reported that President Michel Aoun disclosed that the central bank is expected to start injecting US dollars into the market, so as to stabilize the plummeted exchange rate. [ 409 ] On 12 June, the demonstration which started late Thursday evening, entered its second night, with security forces firing rubber bullets and tear gas after ...
On 1 February 2023, the central bank of Lebanon devalued the Lebanese pound by 90% amid the ongoing financial crisis. [166] This was the first time Lebanon had devalued its official exchange rate in 25 years. [167]
Banque du Liban (Arabic: مصرف لبنان; English: Bank of Lebanon) is the central bank of Lebanon. It was established on August 1, 1963, and became fully operational on April 1, 1964. It was established on August 1, 1963, and became fully operational on April 1, 1964.