Lebanon's central bank said on Thursday it had set a new rate of 15,000 Lebanese pounds to the US dollar for withdrawals from bank deposits denominated in dollars, but which can now can be accessed largely in the local currency.
The rate was previously set at 8,000 pounds under central bank Circular 151, which implied a "haircut" or loss of more than 80% at the current market rate of around 50,000 pounds per dollar. The new rate represents a haircut of around 70%.
