Crisis-hit Lebanon adopts new official exchange rate

BEIRUT, Lebanon

Lebanon's central bank announced Wednesday that it has set a new exchange rate for the country's currency at 15,000 lira against the US dollar, a devaluation of nearly 90% from the old rate of 1,507 lira.

According to the central bank, the new exchange rate is effective from Wednesday.

However, according to private exchange offices in Lebanon, the dollar is still trading for nearly 59,000 lira on the parallel market.

Since 2019, Lebanon has been in a crippling economic crisis that the World Bank says is among the worst the world has seen in modern times.

According to experts, 80% of Lebanon's population lives below the poverty line as prices for basic goods have increased by nearly 1,200%.

Writing by Ahmed Asmar