| 27 May 2024, Monday |

Lebanese currency drops to new low

On Thursday morning, the black-market dollar registered a slight hike trading between 27,250 LBP against dollar for sale, and 27,300 LBP for purchase.

The dollar was traded yesterday between 27,100 LBP against dollar for sale and 27,200 for purchase.

The Lebanese pound has lost more than 93 percent of its value since summer 2019, when it began breaking away from the exchange rate of 1,500 LBP to the dollar, which has been pegged since 1997.

Two weeks ago, Lebanon’s Central Bank had set a new rate of 8,000 Lebanese pounds to the US dollar for withdrawals from bank deposits denominated in dollars but which can now only be accessed in the local currency.

The rate was previously set at 3,900 pounds, which implied a “haircut” or loss of more than 80 percent at the current market rate of around 25,000 pounds per dollar. The new rate represents a haircut of around 70 percent.

The exchange rate of the dollar in the Central Bank of Lebanon remains at 1507.5 pounds per dollar.

  • Sawt Beirut International