EXCLUSIVE-Lebanon to slash official exchange rate from end of October, finance min says ...Middle East

Lebanon plans to slash its official exchange rate from the end of October, replacing the 1,507 per dollar rate adopted 25 years ago with a rate of 15,000 in a step towards unifying numerous exchange rates, the finance minister told Reuters. The pound has plunged by more than 95% from the official rate since Lebanon fell into financial crisis three years ago, with dollars currently changing hands at around 38,000 on a parallel market.

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