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Lebanon Eyes Move to Flexible Exchange Rate in Economic Overhaul

  • Government won’t drop its peg until confidence restored
  • Lebanon is seeking IMF aid to deal with financial crisis
Lebanon's central bank in Beirut.
Lebanon's central bank in Beirut.Photographer: Hasan Shaaban/Bloomberg
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Lebanon plans to shift to a flexible exchange rate once it secures external funding for an economic overhaul and will need $28 billion in the next five years to overcome its worst financial crisis in decades. Lebanese Eurobonds rose.

The central bank will maintain the fixed exchange rate for now, Finance Minister Ghazi Wazni said in a presentation to lawmakers at the presidential palace.