Lebanese Banks Set Rate of 3,000 Pounds Per Dollar for Withdrawals from Dollar Accounts

  • Economics
Lebanese Banks Set Rate of 3,000 Pounds Per Dollar for Withdrawals from Dollar Accounts

Lebanese banks have set an exchange rate of 3,000 pounds per dollar for withdrawals from U.S. dollar accounts for this week, two banking sources said on Monday, around 50% weaker than the currency’s official pegged value.

According to a central bank circular last week, depositors with dollar accounts in Lebanon will be paid cash in the local currency at a “market rate” within each bank’s withdrawal limits.

The pound has slumped since October as Lebanon has sunk deeper into a financial crisis that has hiked prices, fuelled unrest and locked depositors out of their U.S. dollar savings.

Source: Reuters