The Lebanese Pound Plummets to Unprecedented Levels Against the US Dollar

On Monday, the Lebanese pound experienced its biggest plunge in the country’s history, as the exchange rate of one dollar on the black market surpassed £68,000.

The dollar exchange recorded 68.3 thousand pounds in sale and 68 thousand pounds in purchase, according to applications that track the exchange rate of the dollar on the black market.

Since the beginning of February, Lebanon has adopted a new official exchange rate of 15,000 pounds to the dollar instead of the current price of 1,507 pounds, with a decrease of nearly 90% in the price of the national currency, according to a Central Bank source.

Since 2019, Lebanon has seen an economic collapse, which the World Bank has ranked among the worst in the world, with the local currency losing about 95% of its value and over 80% of its population below of the poverty line.

According to a report by Bloomberg, seen by News Agency, questhe year has already seen 3 heavily indebted countries – Egypt, Pakistan and Lebanon – lower their exchange rates in response to necessary reforms before getting IMF help. But experts say it could be just the beginning.