> Lebanon's Central Bank Governor Salameh admits official exchange rate obsolete / V000_9V26YX
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Lebanon's Central Bank Governor Salameh admits official exchange rate obsolete / V000_9V26YX
Clip ID 2139799
Creator AFP
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Lebanon's official exchange rate pegged at 1,500 pounds to the US dollar is obsolete, Central Bank Governor Riad Salameh admits in an interview with AFP. The fixed rate that guaranteed Lebanese a strong purchasing power for the best part of three decades went into a tailspin when the state defaulted on its debt last year and is "no longer realistic", Salameh said. The dollar hovered around the 30,000 mark on the black market earlier this month -- 20 times the official rate -- and even banks have started using parallel rates. IMAGES AND SOUNDBITES