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In bold move Lebanon unpegs from dollar, but still needs IMF okay

Lebanon’s central bank governor Riad Salameh said on Friday the era of the dollar peg was finished but said any floatation of the currency would depend on negotiations with the International Monetary Fund.

Salameh made his comments in an interview with France24.

When asked in the interview whether the era of the dollar peg was finished, Salameh replied: “The peg is finished.”

Asked whether this meant the currency would now be floated, Salameh told Reuters his comments were circulated “out of context”.

“I said depending on the IMF, precision is important,” he said.

Source: Arab News

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