A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon April 24, 2020. REUTERS/Mohamed Azakir
BEIRUT: Lebanese banks have set an exchange rate of 3,000 pounds per dollar for withdrawals from U.S. dollar accounts for this week, two banking sources said on Monday, around 50% weaker than the currency's official pegged value.
According to a central bank circular last week, depositors with dollar accounts in Lebanon will be paid cash in the local currency at a "market rate" within each bank's withdrawal limits.
The pound has slumped since October as Lebanon has sunk deeper into a financial crisis that has hiked prices, fuelled unrest and locked depositors out of their U.S. dollar savings. (Writing by Tom Perry; Editing by Jon Boyle)
