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Lebanese currency approaches £100,000 mark

Today, Tuesday, the Lebanese lira exchange rate recorded the biggest collapse in the country’s modern history, with the one dollar exchange rate approaching the £100,000 threshold and the official rate at £15,000.

Apps tracking the dollar’s exchange rate on the (parallel) black market showed the dollar’s exchange rate fixed at £99,500 on sale and £99,000 on purchase.

Thus, the exchange rate has risen by almost £20,000 since the beginning of March.

Notably, in 1997, the price was officially fixed at £1,507, a rate that remained official until the economic crisis hit in October 2019, when the financial system collapsed under the weight of sovereign debt and unsustainable ways of financing it. while the politicians have not yet come up with a rescue plan.

With the onset of the crisis, the rate on the black market fixed 1,900 pounds, and from that day on, the rate still sets records that were broken today, as the rate of one dollar approached 100,000 pounds.

And in February last year, Lebanon began adopting a new official dollar exchange rate of 15,000 pounds based on a decision pre-set by the governor of the Central Bank of Lebanon, Riad Salameh.

Source: RT


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