Lebanon announces an increase in the fixed exchange rate against the dollar | app

BEIRUT (AP) — Lebanon’s finance ministry said on Wednesday the crisis-hit country would raise its fixed exchange rate against the dollar to 15,000 Lebanese pounds from November, calling it a “necessary corrective measure.”

The Lebanese pound was pegged at just over 1,500 pounds to the dollar in 1997 to encourage investor confidence and curb hyperinflation after its 15-year civil war. The economy has since struggled after years of conflict, political paralysis and unrest. At the end of 2019, the country began to slide into what the World Bank considers to be one of the worst economic crises in more than a century.

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