The black-market exchange rate of the US dollar versus the Lebanese pound remains high. In the money-changers market, the dollar registered 29,550 Lebanese pounds for sale and LBP 29,500 for purchase.
Since the start of the economic slump in 2019, the Lebanese local currency has lost more than 95% of its value, and banks are no longer allowing foreign currency depositors to retrieve their deposits. Furthermore, the credit rating firm Fitch stated that the route to resolving Lebanon’s sovereign debt default remained challenging. During its final session, Lebanon’s departing Cabinet endorsed a financial recovery blueprint before assuming caretaker status.