The Lebanese pound is still witnessing a noticeable decline since the end of the Lebanese parliamentary elections, which led to the arrival of a number of “revolution” candidates, which have long demanded the overthrow of the ruling political system.

While the official exchange rate of the Lebanese pound has been fixed since 1997 at 1,507 pounds to the dollar.

The market value of the national currency fell by more than 95 percent within two years of the Lebanese economic crisis, which the World Bank described as one of the 10 most severe crises in the world since the mid-19th century.

The lira lost about 90% of its value against the dollar; According to Sam Heller; The specialist researcher, according to the magazine (Foreign Affairs), that the gross domestic product declined by: 60%, and nearly 80% of the Lebanese slipped below the poverty line, with them: 1.5 million Syrian refugees living in Lebanon. These conditions prompted hundreds of thousands of residents to leave the country.

The exchange rate of the US dollar continues to rise against the Lebanese pound on the black market, and it has reached a new record, and the price of the dollar in the money changer’s market on Tuesday 05/24-2022 reached 33,000 pounds for sale and 33,100 pounds for purchase.

With this, the black market dollar on Monday morning reached 31900 Lebanese pounds for purchase and 31800 Lebanese pounds for sale

And the Central Bank of Lebanon had said in a statement on Wednesday, May 18, 2022, that it would continue to allow banks to buy dollars without a ceiling through its exchange platform until the end of July.

There were many tragic scenes of Lebanon’s collapsed economy, and varied between food prices, which jumped 11 times, and the consequent living of more than three-quarters of the population below the poverty line, and the inflation rate in March recorded 208% on an annual basis, and the losses of the financial sector were estimated at about $70 billion, and international institutions are still linking financing to economic reforms.

For its part, the United States urged political leaders in Lebanon to act urgently to take the necessary measures to save the economy.

Two ministerial sources told Reuters last Friday that the Lebanese cabinet approved a long-awaited plan for financial recovery in the last session, after 3 years of the country’s financial crisis.

The reforms included in the road map include plans to restructure the banking sector and return some depositors’ savings in hard currency, which are among the basic measures for the International Monetary Fund to release required financing.

Last January, the dollar exchange rate hit a record high, reaching 33,500 Lebanese pounds to one dollar