Central Bank

Official Exchange Rate Obsolete, Mandatory Reserves Down to $12.5 Billion, Salameh Says

Lebanon's official exchange rate, pegged at LL1,500 to the US dollar is obsolete, Central Bank Governor Riad Salameh admitted Tuesday in an interview with AFP. The fixed rate that guaranteed Lebanese strong purchasing power for the best part of three decades went into a tailspin when the state defaulted on its debt last year and is "no longer realistic," Salameh said.