Lebanese banks raise exchange rate to dollars as crisis worsens

Al-Monitor Staff

Jun 29, 2020

Lebanese Army soldiers roll away a flaming tire from the fence surrounding the local branch of the Banque du Liban (Lebanese Central Bank) as protesters gather to demonstrate against dire economic conditions in the northern city of Tripoli on June 11, 2020. - The Lebanese pound sank to a record low on the black market on June 11 despite the authorities' attempts to halt the plunge of the crisis-hit country's currency, money changers said. Lebanon is in the grips of its worst economic turmoil in decades, and — Lebanese army soldiers roll a flaming tire away from the fence surrounding the local branch of the Lebanese Central Bank as protesters gather to demonstrate against dire economic conditions in the northern city of Tripoli on June 11, 2020. — FATHI AL-MASRI/AFP via Getty Images

Lebanese banks raised the exchange rate of the Lebanese pound to the dollar today, further contributing to the currency’s fall as the country plunges deeper into a financial crisis.

Banks are now trading the pound at 3,850 to the US dollar, according to Reuters.

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Lebanese banks raise exchange rate to dollars as crisis worsens

A member of the government's IMF negotiations team also resigned in opposition to the government's handling of the worst financial crisis in decades.

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Lebanese banks raise exchange rate to dollars as crisis worsens

A member of the government's IMF negotiations team also resigned in opposition to the government's handling of the worst financial crisis in decades.

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