| 26 May 2024, Sunday |

Dollar exchange rate around 21,100 LBP

The US dollar exchange rate against the Lebanese pound on the black market reached 21,050 LBP for sale and 21,100 LBP for purchase.

Lebanese media spoke of great chaos in the money exchange market, as many money changers stopped working due to the political crisis that afflicted Lebanon.

The Lebanese fear the great impact of Saudi Arabia’s decision to stop all Lebanese exports, which, according to the Lebanese-Gulf Economic Relations Development Authority, amount to more than one billion and 200 million dollars.

Since the country descended into a major financial crisis in 2019, Lebanon’s hard currency has evaporated.

On the impact of the economic collapse, 78% of the Lebanese became below the poverty line, and the Lebanese pound lost more than 90% of its value against the dollar, while the prices of all materials and goods increased by more than 700%.

  • Sawt Beirut International