Lebanon to devalue currency by 90% on Feb. 1, central bank chi | Bitcoin Insights

Lebanon to devalue currency by 90% on Feb. 1, central bank chief says

Lebanon will adopt a new official exchange rate of 15,000 pounds per U.S. dollar on Feb. 1, central bank governor Riad Salameh said, marking a 90% devaluation from its current official rate.

The shift from the old rate of 1,507 to 15,000 is still far off the parallel market, where the pound was changing hands at around 57,000 per dollar on Tuesday.

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