Close Menu
    Facebook X (Twitter) Instagram
    Thursday, June 19, 2025
    961
    Instagram Facebook LinkedIn TikTok
    • Breaking News
    • Guides
    • Food & Drink
    • Listicles
    • Join the Team
    • Whatsapp
      • 961
      • 961 News
    • AUB Outdoors ☀️
    Advertise with Us Get the App
    961
    Home»News»Lebanon News
    Reuters
    2 Mins Read

    Breaking: Lebanon Ready to Remove USD Peg

    By Souad LazkaniMay 15, 2020Updated:October 23, 2020
    Facebook WhatsApp Copy Link

    Finance Minister Ghazi Wazni said, speaking to AFP, that Lebanon is ready to float its currency after it receives billions of dollars in aid from the International Monetary Fund (IMF).

    Lebanon’s currency has been pegged to the dollar for the past 23 years, its exchange rate at 1,507 pounds to the dollar.

    Recently, the Lebanese pound lost over half of its value at over 4,000 pounds to the dollar on the black market.

    Aawsat

    “The IMF always asks for the freeing of the pound’s exchange rate,” Wazni said, as reported by The Daily Star.

    He added that after receiving financial support from abroad, Lebanon will change its stabilization policy to a flexible exchange rate to eventually reach floatation.

    Wazni also added that the number of banks in Lebanon will have to be cut in half. Lebanon has 49 commercial banks and, during the transition to floatation, the number will decrease.

    Freeing the currency means the Lebanese pound will be pegged to neither gold nor the dollar, making it a step closer to a free-market economy with little government control.

    Its value will be determined by supply and demand on the open market, meaning it may fluctuate in response to foreign exchange market events, removing major responsibility from the government.

    Lebanese Lira
    Share. Facebook Twitter LinkedIn WhatsApp Reddit Email

    For You

    uae travel ban lebanon 961

    UAE Is Officially Removing The Travel Ban On Lebanon

    Joe Issa El-Khoury 961

    Who is Joe Issa El-Khoury, Lebanon’s New Minister of Industry

    Adel Nassar 961

    Who is Adel Nassar, Lebanon’s New Minister of Justice

    Nizar Hani 961

    Who is Nizar Hani, Lebanon’s New Minister of Agriculture

    Charles Hajj 961

    Who Is Charles Hajj, Lebanon’s New Minister of Telecommunications

    Nora Bayrakdarian 961

    Who is Nora Bayrakdarian, Lebanon’s New Minister of Youth and Sports

    Low-Cost Lebanese Airline 961

    We Might Finally Be Getting A Low-Cost Lebanese Airline – Here’s What We Know

    whish pay lebanon 961

    You Can Now Use Whish Pay At Shopify Stores

    June 13, 2025
    lebanon jounieh cyprus by ferry 961

    You’ll Soon Be Able To Travel Between Lebanon & Cyprus By Ferry

    June 8, 2025
    Michel Hayek

    Michel Hayek 2025: Predictions For The World

    December 31, 2024
    lebanon cybergames 2025 hacking 961

    Lebanon Just Won A Global Hacking Competition

    June 10, 2025
    Michel Hayek

    Michel Hayek 2025: Predictions For Lebanon

    December 31, 2024

    20 Celebrities You Probably Didn’t Know Had Lebanese Roots

    April 22, 2019
    Michel Hayek

    Michel Hayek 2025: Predictions For The Middle East

    December 31, 2024

    Ampere Cinema Reopens Its Doors In North Lebanon After 28 Years Of Absence

    June 30, 2022
    lebanese beer brands almaza beirut beer 961

    Lebanese Beer Brands Are Publicly Throwing Shade, And It’s Getting Frothy

    June 7, 2025
    961 Logo
    Facebook WhatsApp TikTok Instagram

    Popular Topics

    • Guides
    • Eat & Drink
    • Listicles
    • Lebanon News
    • Diaspora
    • Explained

    961

    • About
    • WhatsApp Channel
    • News WhatsApp Channel
    • Corrections Policy
    • Ownership & Funding

    Services

    • Advertise
    • Careers
    • App Waitlist
    • Contact Us
    • Newsletter
    961™ | All Rights Reserved ©2025
    • Privacy Policy
    • Terms

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Okay