BEIRUT, Jan. 15 (Xinhua) Since Lebanon raised the customs exchange rate by tenfold from the long-standing 1,507.5 Lebanese pounds against one U.S. dollar to 15,000 pounds on Dec. 1, 2022, experts have warned of huge repercussions for the nation in the absence of necessary countermeasures.
Lebanon is shifting to a new official exchange rate to the US dollar, three years after an unprecedented financial and economic crisis that has plunged a large portion of its population under the poverty line.