Lebanon has devalued its currency by 90 per cent as it seeks to address a deep economic crisis, in a move that still leaves the pound far above its parallel black market rate.
The Banque du Liban said on Wednesday that it was setting the Lebanese pound, pegged at a fixed rate of L£1,507 to the dollar since 1997, at a new rate of L£15,000. This is still well below the L£60,000 to the dollar where the parallel currency was trading at the time of the central bank announcement.
The devaluation could stoke inflation fears in a country where the annual inflation rate for 2022 topped 170 per cent, according to official figures. But analysts said it was a costly stop-gap in the absence of wider structural reforms to Lebanon’s troubled economy.
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