World
Lebanon central bank vice governors propose moving to floating FX rate by September
The vice governors of Lebanon’s central bank have proposed shifting the country’s local currency from a peg to a floating system by the end of September, according to a copy of their proposal seen by Reuters on Thursday.
The central bank in February devalued the official rate of the Lebanese pound from the longtime peg of 1,500 to a new rate of 15,000 to the dollar.
The pound has lost more than 98 percent of its value on the parallel market since an economic meltdown began in 2019.
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