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As a result, the central bank of Lebanon initiated a series of financial engineering operations which became known in the press as "the swap". [1] [13] The central bank exchanged public debt it owed in Lebanese pounds against Eurobonds, or debt labelled in foreign currency, for the equivalent of US$2 billion. [14]
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] By mid-March 2023, the "parallel market" rate had fallen to LL 100,000 per ...
[63] [64] The USD parallel exchange rate is increasing because of the dollar shortage in Lebanon. [65] In a bid to lower the dollar price, the central bank made an agreement with the licensed exchangers to make the official rates on offer at £L3,860/3,910. [66] However, despite the central bank's efforts, on 23 June 2020, the black market ...
Riad Salameh, Lebanon's former central bank governor arrested on Tuesday on fraud charges, was feted as a financial wizard before his image was shredded by corruption cases at home and abroad and ...
Lebanon's central bank faces leadership uncertainty from Monday when the governor steps down with no appointed successor, risking new dysfunction in a state already hollowed out by years of ...
Two weeks ago, a forensic audit into Lebanon’s central bank by a New York-based company revealed yearslong misconduct by the bank’s former governor, Salameh, and $111 million in ...
v. t. e. This is a list of countries by their exchange rate regime. [1] De facto exchange-rate arrangements in 2022 as classified by the International Monetary Fund. Floating (floating and free floating) Soft pegs (conventional peg, stabilized arrangement, crawling peg, crawl-like arrangement, pegged exchange rate within horizontal bands) Hard ...
Lebanon's central bank issued guarantees Tuesday to secure U.S. dollars for local banks at the fixed official rate that would cover imports of fuel, wheat and medicine, a move aimed at easing the ...
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