A parking rate still displayed according to the old exchange rate. (Credit: Philippe Hage Boutros/L'Orient-Le Jour)
The news came as a bombshell to many. Caretaker Finance Minister and former Banque du Liban executive Youssef Khalil told Reuters on Wednesday that the "official" lira-to-dollar exchange rate will soon change.The official exchange rate of the Lebanese lira has been pegged at LL1,507.5 on the dollar since 1997, despite the great disparity with the parallel market rate, which hovered just below LL39,000 as of Thursday.On Wednesday, Lebanese authorities announced that the official rate will shift to LL15,000 on the dollar, beginning Nov. 1.This abrupt decision took experts by surprise.“Everyone expected the authorities to intervene at some point on the exchange rate, but few people seemed to be aware that the process would be initiated in this way,” Nadim Daher, a chartered accountant and member of the board of the Lebanese Association for...
The news came as a bombshell to many. Caretaker Finance Minister and former Banque du Liban executive Youssef Khalil told Reuters on Wednesday that the "official" lira-to-dollar exchange rate will soon change.The official exchange rate of the Lebanese lira has been pegged at LL1,507.5 on the dollar since 1997, despite the great disparity with the parallel market rate, which hovered just below LL39,000 as of Thursday.On Wednesday, Lebanese authorities announced that the official rate will shift to LL15,000 on the dollar, beginning Nov. 1.This abrupt decision took experts by surprise.“Everyone expected the authorities to intervene at some point on the exchange rate, but few people seemed to be aware that the process would be initiated in this way,” Nadim Daher, a chartered accountant and member of the board of the Lebanese Association...