Lebanon central bank head: 'nobody knows' how much pound could weaken
Reuters
Published Dec 26, 2019 06:24AM ET
BEIRUT (Reuters) - Lebanon's central bank governor said on Thursday "nobody knows" how much more the cost of dollars could rise on the black market in a country suffering its worst economic crisis in decades.
The Lebanese pound, pegged to the dollar for 22 years, has slumped by more than 30% on the parallel market, now the main source of hard currency as banks impose tight controls.
"We hope the country itself will improve so that the economy can improve," Central Bank Governor Riad Salameh told reporters on Thursday. Asked how much higher the cost of dollars would rise, he said "nobody knows". He did not elaborate.
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Written By: Reuters
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