New Official Exchange Rate In Lebanon As Of November

The Minister of Finance in Lebanon’s caretaker government Youssef Khalil has revealed to Reuters that a new official exchange rate is to be set in Lebanon as of the end of October 2022, effective beginning of November.

#Lebanon’s central bank will adopt an official exchange rate of 15,000 Lebanese pounds to a #US dollar, replacing the rate of 1,507, Reuters reports citing the finance minister.https://t.co/MUDZA8IZnY pic.twitter.com/iztHc8SzlB

— Al Arabiya English (@AlArabiya_Eng) September 28, 2022

The new exchange rate is: 15,000 LL per USD.

This is the same exchange rate that was set to be applied for customs taxes.

While this is a ten-fold adjustment to the existing exchange rate, it is still a far cry from the parallel market rate of 38,000 LL on the dollar at the time of publishing.