Lebanon announces hike in fixed exchange rate against dollar

By KAREEM CHEHAYEB
Associated Press

BEIRUT (AP) — Lebanon will hike its fixed currency exchange rate against the U.S. dollar 25 years after adopting it. The Finance Ministry said Wednesday the official rate of the Lebanese pound against the dollar will increase from just over 1,500 to 15,000 in November. The country’s economy has been spiraling downward since October 2019, and the Lebanese pound has lost 90% of its value against the dollar. The country has since adopted several exchange rates and the market has relied on an opaque parallel rate. The government is scrambling to unify its exchange rates and reach a deal with the International Monetary Fund for a bailout program.