April 27, 2020 / 11:26 AM / a month ago

Lebanese banks set rate of 3,000 pounds per dollar for withdrawals from dollar accounts-sources

BEIRUT, April 27 (Reuters) - 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)

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