| 26 May 2024, Sunday |

Black market dollar climbs amid complications in government formation

On Thursday evening, the dollar exchange rate on the black market exceeded 20,000 LBP trading between 19,825 and 19,875 LBP.

In the morning, the black dollar market hovered between 18,400 and 18,500 LBP.

Lebanon is experiencing a violent economic collapse that threatens its stability. The World Bank described the crisis as the deepest in modern history.

The local currency has lost more than 90 percent of its value since late 2019 as the country plunged into its worst financial and economic crisis in modern times, pushing more than half the population below the poverty line.

When withdrawing dollars from small depositors a while back, Lebanese banks fixed a price of 3,850 pounds to the dollar, which is still in effect today.

  • Sawt Beirut International