Lebanon has stepped back from plans to slash its 25-year-old official exchange rate with one closer to the market rate, ministerial and political sources said Thursday, amid fears of a backlash from the public.
Caretaker Finance Minister Youssef Khalil told Reuters on Sept. 28 the state would re-peg the dollar from 1,507 to 15,000 pounds in a step towards unifying the varied exchange rates that have emerged since the country entered an economic crisis in 2019.
