April 30, 2020 / 3:45 PM / 2 months ago

Lebanese economic rescue plan based on dollar exchange rate of 3,500 pounds: source

BEIRUT (Reuters) - Lebanon’s economic rescue plan passed on Thursday is based on an exchange rate of 3,500 pounds to the dollar, an official source told Reuters.

Lebanon has maintained a dollar peg of 1,507.50 pounds since 1997 but the currency has fallen sharply since October on a parallel market, hitting over 4,000 pounds last week.

Reporting by Samia Nakhoul; Writing by Eric Knecht; Editing by Kevin Liffey

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