April 24, 2020 / 6:15 AM / a month ago

Lebanese c.bank sets rate of 3,625 pounds per dollar on Friday at transfer firms-source

BEIRUT, April 24 (Reuters) - The Lebanese central bank set an exchange rate of 3,625 Lebanese pounds per dollar to be applied by all money transfer companies on Friday, a central bank source and Lebanese broadcaster MTV said.

“Prices may change every day and will be set the day before,” the central bank source said. “In the event that there are major fluctuations during the day, the price may be set again during the same day,” the source added.

The authorities still apply an official peg of 1,507.5 pounds to the dollar, but the local currency has weakened from that level on a parallel market since last year as Lebanon has been hit by a major financial crisis.

Writing by Tom Perry; Editing by Kevin Liffey

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