Lebanon plans to adopt a “realistic exchange rate” for the local pound in the 2022 budget, according to a document published by the finance ministry on Wednesday that did not specify a rate.
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The draft budget put the average exchange rate of the pound in the final quarter of 2021 at 20,000 Lebanese pounds to the dollar, and at 10,083 pounds for the whole of 2021.
The total budget deficit in 2022 is forecast at about 2.3 percent of gross domestic product, compared with an actual deficit of 1.1 percent in 2021, according to the document.
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