BEIRUT, Jan 31 (Reuters) - Lebanon will adopt a new official exchange rate of 15,000 pounds per U.S. dollar on Feb. 1, central bank governor Riad Salameh said, marking a 90% devaluation from its current official rate that has remained unchanged for 25 years.
The pound has lost some 97% of its value since it began to split from the 1,507 rate in 2019.
In order to ease the impact of this shift, banks would be given five years "to reconstitute the losses due to the devaluation," he said.
Several rates remain, including the official rate, the central bank's Sayrafa exchange platform rate which currently stands at 38,000 pounds per U.S. dollar, and the parallel market rate.
While capital controls have never been formally imposed in Lebanon, banks since 2019 have imposed their own controls, severely limiting withdrawals in dollars and Lebanese pounds.