Lebanese Pound Reaches Historic Low of 60,000 Units per Dollar

Lebanese Pound Reaches Historic Low of 60,000 Units per Dollar

Sharp fall of Lebanon’s currency: Dollar now exchanges for over 60000 Lebanese pounds, 90% drop since 2019

The Lebanese currency has been collapsing for days at unprecedented speed, after reaching the record 50,000 for 1 US dollar a week ago. According to a black market moneychanger, a dollar currently buys 60000 Lebanese pounds.

The Local currency monitoring website ‘Lirarate.org’ also confirms this new record, with a slightly higher exchange rate of 60300 and 60500 Lebanese pounds for the purchase and sale of dollars respectively.

Almost all prices in the nation of cedars are determined by the black market exchange rate, despite the official value of pound still standing at 1500 units per US dollar.

The free fall of the currency has led to fourth consecutive days of roadblocks to protest the rapid drop in living conditions and sharp rise in prices, with 80% of the population living in poverty.

The Mediterranean country has been without a head of state for almost three months due to parliamentary disagreements and the government is on interim basis since last summer. This limits the country’s ability to act to tackle the crisis.

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