LEBANESE CURRENCY - AND LEBANON - ARE IN FREE-FALL: The Lebanese central bank raised the exchange rate for US dollar deposits held in the country’s banks - from 3,900 to 8,000 Lebanese pounds. But the impact was felt in the real world - away from the make-belief world of Lebanon’s officialdom - where the currency is in free-fall. What this means is Lebanese who have dollar accounts - which they are barely able to access - will now be allowed to take out some of those dollars, but at the Central Bank’s exchange rate of 8,000 pounds to a dollar. However, in the real world, the value of the dollar is more than 25,000 Lebanese pounds. News of the central bank devaluation had an immediate ripple effect on the black market, where the pound fell to 25,700. The situation now is bordering on a joke. And no one seems to be able to do anything about it. [COMMENT BY: Omar Shariff International Editor]
Shutterstock