| 15 April 2024, Monday |

Lebanese pound slightly up against dollar on Saturday morning

On Saturday morning, the dollar exchange rate on the black market hovered between 20,200 and 20,225 LBP, after it was traded on Friday evening between 20,300 and 20,350 LBP.

The Lebanese are struggling one of the most dangerous crises in history, amid fuel and medicine outages, and unprecedented inflation. Analysts expect a social explosion in response to the economic, social, and security collapse.

Lebanon failed to establish a new government roughly ten months ago due to disagreements between Hariri and the President of the Republic on quota sharing, the most recent of which was the disagreement over naming two Christian ministers outside the President of the Republic’s quota.

Lebanon is currently experiencing a severe economic crisis, described by the World Bank as one of the deepest recessions in modern history, as the financial situation has deteriorated since October 2019, and the value of the national currency has depreciated roughly times against the US dollar, which has led to an increase in the prices of unsubsidized products by more than 400 percent.

  • Sawt Beirut International