Financial and Banking News

REGIONAL BANKING

Lebanon Sets Non-Market Exchange Rate 

Lebanon came one step closer to a dual exchange rate and exchange control with the introduction on 12 January of a 'customs rate' for its currency which implies a 60% revaluation compared with the free market rate. According to a statement by Mr. Nabih Berri (who holds multiple portfolios in the Cabinet), the customs rate is set at LL6=$1 for all imports other than motor vehicles, luxury items...