FILE PHOTO: Lebanon’s Central Bank Governor Riad Salameh speaks during a news conference at Central Bank in Beirut, Lebanon, November 11, 2019. REUTERS/Mohamed Azakir
December 26, 2019
BEIRUT (Reuters) – Lebanon’s central bank governor said on Thursday “nobody knows” how much more the cost of dollars could rise on the black market in a country suffering its worst economic crisis in decades.
The Lebanese pound, pegged to the dollar for 22 years, has slumped by more than 30% on the parallel market, now the main source of hard currency as banks impose tight controls.
“We hope the country itself will improve so that the economy can improve,” Central Bank Governor Riad Salameh told reporters on Thursday. Asked how much higher the cost of dollars would rise, he said “nobody knows”. He did not elaborate.
(Reporting by Ellen Francis; editing by John Stonestreet)
