Reuters. The Lebanese pound has lost more than 98 percent of its value since the country's financial sector imploded in 2019. Lebanon has been moving towards a cash-based and dollarized economy given spiralling inflation and restrictions by banks on transactions. Lebanon’s central bank said on Wednesday it would sell U.S. dollars in cash at a rate of 70,000 pounds per dollar on its Sayrafa platform starting on March 2 and until further notice.
The surprise announcement came as the parallel market exchange rate for the Lebanese pound hit an all-time low of 90,000 per U.S. dollar on Wednesday.
The finance ministry on Tuesday received a green light to triple the rate at which customs tariffs would be paid in local currency from 15,000 Lebanese pounds to 45,000 per U.S. dollar.
Unifying multiple exchange rates is one of several steps sought by the International Monetary Fund for Lebanon to clinch a $3 billion aid package that would help it to emerge from the meltdown.
Local media report shops started pricing of goods in USD.
