WorldMoney & Business

Lebanon: Plans to devalue currency by 93%

In a bid to tackle its financial crisis, the Lebanese government is reportedly pursuing a plan that will see the country’s local currency being devalued by 93%. In addition, the government plans to convert a significant portion of foreign currency deposits in the banking system into the Lebanese pound.

The Lebanese government hopes pursuing this financial plan will enable the country to secure a bailout from the International Monetary Fund (IMF). This bailout is seen as Lebanon’s only path out of a long-running financial crisis.

The government’s latest plan will result in holders of foreign currency-denominated savings accounts ceding all their savings to the government at several conversions, including one that devalues the pound by 75%.

The objective of the government financial plan is to align the official exchange rate with that of the parallel market.

Comments

Source
Bitcoin.com

Related Articles

Back to top button