The Devastating Collapse of the Lebanese Pound: A Historic Low

Today, Monday, the Lebanese pound recorded the biggest collapse in the history of the country, as the exchange rate of one dollar on the (parallel) black market fixed 68,300 pounds per dollar.

According to filings that monitor the dollar on the black market, the dollar has recorded £68,300 on sale and £68,000 on purchase.

On February 1 this year, Lebanon began implementing a decision by central bank governor Riad Salameh to change the official exchange rate from 1,500 pounds to the dollar to 15,000 pounds.

This represents a significant decrease from the previous official exchange rate, which remained at £1,507.5 to the dollar and has remained unchanged for approximately 25 years.

Since 2019, Lebanon has experienced an economic collapse that the World Bank called one of the worst in the world, with the local currency losing about 95% of its value and more than 80% of the population below the poverty line, while the unemployment rate has risen to about 30%, and inflation rose by 100%.

Source: RT