| 3 March 2024, Sunday |

Depreciation of Lebanese pound continues as country descends more into “hell”

Due to the accumulation and severity of the economic, financial, and living crises, as well as the failure of the government formation process, the black market dollar continues to hit new daily peaks.

On Sunday, the black market dollar in Lebanon registered 15,170 Lebanese pounds per dollar for purchase and 15,120 Lebanese pounds for sale.

The Lebanese currency has lost about 90% of its value against the US dollar, owing to the country’s ongoing financial and political crises, as well as the lack of any signs of a solution to the local currency’s collapse, which has pushed inflation to near 100%.

Lebanon is in the midst of a dramatic economic collapse that is jeopardizing the country’s stability. The crisis has been dubbed “the darkest depression in modern history” by the World Bank.

Foreign reserves used to subsidize basic commodities like fuel, medication, and wheat are running low, and commodity shortages have been worse in recent weeks. The economic downturn coincides with political tensions about the creation of a new government.

When withdrawing dollars from small depositors a while back, Lebanese banks fixed a price of 3850 pounds to the dollar, which is still in effect today.

The Syndicate of Money Changers in Lebanon, on the other hand, set the pricing of the dollar exchange rate against the Lebanese pound, with a maximum floating margin of 3850 pounds for purchase and 3900 pounds for sale.

The dollar exchange rate at the Central Bank of Lebanon remained unchanged at 1507.5 pounds per dollar, and it is only used for basic commodities.

  • Sawt Beirut International