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However, since the 2020 economic crisis in Lebanon, exchange at this rate was generally unavailable, and an informal currency market developed with much higher exchange rates. [5] On 1 February 2023, the Central Bank reset the currency peg at LL 15,000 per US dollar. [ 6 ]
The USD black market exchange rate continues to fluctuate substantially due to devaluation of the Lebanese pound caused by acute dollar shortages within Lebanon. [26] This dollar shortage also caused 785 restaurants and cafes to close between September 2019 and February 2020, and resulted in 25,000 employees losing their jobs.
Currency traders began a massive sell-off of pounds on Wednesday, 16 September 1992. The Exchange Rate Mechanism required the Bank of England to accept any offers to sell pounds. However, the Bank of England only accepted orders during the trading day.
The pound (or livre in French) was introduced in 1919 and was set at a value of 20 francs. [7] As the political status of Lebanon evolved, the Banque de Syrie, which was to act as the official bank for Lebanon and Syria, was renamed the Banque de Syrie et du Grand-Liban (BSL). BSL issued the Syro-Lebanese pound for 15 years, starting in 1924.
Lebanon's national currency, the Lebanese pound is pegged to the US dollar at £L15,000 to US$1. This fixed rate has been unstable due to the depreciating value of the pound in the black market. According to reports, the pound was trading at £L8,100 to US$1 in 2019 on the black market.
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. The Lebanese economy weathered the 2007–2008 financial crisis and performed well until 2011, when political unrest in the Middle East (including the Syrian ...
The Bank of St Helena publishes the exchange rates for its currency exchange. The exchange rate for the Saint Helena pound against sterling is 1:1, although exchange or transfer fees can be incurred. Indicative rates for other currencies can be obtained as follows:
However, the requirement in the island's Currency Act 1992 [1] for the Isle of Man Treasury to exchange Manx Pound banknotes on demand for Bank of England notes in practice restricts the issue of unbacked currency, and the aggregate total of notes issued must be pre-approved by Tynwald. [1]
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