Lebanon's official exchange rate, pegged at LL1,500 to the US dollar is obsolete, Central Bank Governor Riad Salameh admitted Tuesday in an interview with AFP.

The fixed rate that guaranteed Lebanese strong purchasing power for the best part of three decades went into a tailspin when the state defaulted on its debt last year and is "no longer realistic," Salameh said.

The dollar hovered around the LL30,000 mark on the black market earlier this month – 20 times the official rate – and even banks have started using parallel rates.

Lebanon's mandatory reserves are down to $12.5 billion, Salameh said in the interview, adding that this was only enough to finance subsidies on basic goods for another six months.

Salameh also said that Lebanon needs $12-$15 billion in loans from its partners to kickstart its economic recovery.

"Our quota in the International Monetary Fund is $4 billion," the central bank governor said. "If countries add to it, we could reach $12 to $15 billion, an amount that could help start Lebanon's recovery and restore confidence."