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Explainer: What is behind Lebanon's new exchange rate?

There are multiple exchange rates between the Lebanese pound and the US dollar, and the official rate being below the black market rate helps financial institutions pass on their losses to the public.
A money changer counts notes at his shop in the Lebanese capital, Beirut, on Sept. 22, 2022.

Lebanese officials devalued their currency on Wednesday amid the ongoing economic crisis. The devaluation is still well below the dollar exchange rate on the street, and multiple rates remain in place in Lebanon

Lebanon’s central bank, Banque Du Liban, lowered the official exchange rate to the US dollar from 1,507 to 15,000 pounds, multiple outlets reported. Bank governor Riad Salameh told Reuters Tuesday that the move constitutes an effort to unify different exchange rates in the country. 

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