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.
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.The IMF has favored an immediate unification of rates and has said Lebanese authorities should deal upfront with an estimated $70 billion in financial sector losses - widely viewed as the result of decades of profligate spending, corruption and mismanagement.
Without a comprehensive bank restructuring framework, banks would have to raise capital from shareholders to cover their losses or pass losses on to depositors by allowing them to withdraw from dollar accounts in local currency, he said. The IMF deal is widely seen as the only way for Lebanon to begin restoring confidence in its financial system and recover from the collapse.
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