The exchange rate of the dollar on the black market, Monday morning, ranged between 9,350 and 9,400 Lebanese pounds to one dollar.
Lebanon is going through an unprecedented economic crisis, as the lira lost more than 70% of its purchasing power. The formation of a new government is stalled due to the intransigence of the political factions who insist on rivalry and obstruction due to their own interests. The new rise comes with the exacerbation of the liquidity crisis exacerbated by the Corona pandemic, coinciding with the months-long political crisis that has been preventing the formation of a new government due to the escalation of the rhetoric of division between Saad Hariri and President Michel Aoun . Meanwhile, afflicted citizens are suffering as their purchasing power has eroded as a result of widespread unemployment and the loss of the lira more than 80% of its value during this crisis, while monopolies play a major role in the cost of living.