Lebanon c. bank sets 3,800 pounds per dollar rate at money transfer firms

Lebanon c. bank sets 3,800 pounds per dollar rate at money transfer firms

The Lebanese central bank set an exchange rate of 3,800 Lebanese pounds per dollar to be applied by money transfer firms on Monday, an-Nahar newspaper reported on its website, compared to 3,625 pounds on Friday.

The pound has slumped from the official peg of 1,507.5 pounds per dollar since October when long-brewing economic troubles in Lebanon spilled into a major financial and economic crisis.

The rate set for Monday applies to remittances by Lebanese sending money home to their families from abroad via wire transfer companies. Such transfers were previously available in Lebanon in dollars.

Late on Sunday, the central bank said foreign exchange dealers could not sell US dollars for more than 3,200 Lebanese pounds.

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