The objective of the government financial plan is to align the official exchange rate with that of the parallel market. exchangerate
The Lebanese government is reportedly planning to devalue the local currency by up to 93% in a desperate bid to receive funding from the International Monetary Fund . As part of the plan, a major portion of foreign currency deposits in the banking system will be converted into local currency at different exchange rates.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%.
The report on Lebanon’s latest plan to devalue its currency comes nearly two months after the central bank issued a— one that indirectly devalued the exchange rate for residents withdrawing from their dollar savings accounts. Immediately after the directive took effect, many Lebanese residents, with funds trapped in foreign currency-denominated savings accounts, reportedly besieged banks as they attempted to cash out their funds.
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. Doing so has been the IMF’s key demand to the Lebanese government. At the time of writing, the Lebanese pound’s official exchange rate versus the U.S.
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