Lebanese president snubs budget, delays new exchange rate ...Kuwait

Lebanon is unable to put its new exchange rate into effect after its outgoing president declared the state budget unconstitutional and refused to sign off on it, officials said Thursday. The Finance Ministry in late September announced that Lebanon would change its pegged exchange rate to the dollar from 1,500 pounds to 15,000 starting on November 1, which they called a “necessary corrective action." Parliament passed the cash-strapped country's 2022 national budget in September, which included the amended rate. However, it took at least another week of bureaucracy before reaching President Michel Aoun's office. Passing the 2022 state budget and unifying Lebanon’s se

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Lebanese president snubs budget, delays new exchange rate ...Kuwait

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