SAWT BEIRUT INTERNATIONAL

| 23 July 2021, Friday |

Lebanon’s struggling currency has sunk to a new low amid country’s absolute collapse

On Wednesday morning, the black market dollar was floating between 21,800 and 21,850 Lebanese pounds per US dollar, in light of the country’s absolute collapse.

And the dollar exchange rate on the black market was recorded between 21,875 and 21,900 Lebanese pounds per dollar yesterday evening, after registering between 21,850 and 21,950 Lebanese pounds per dollar earlier in the day.

As observers predict the social situation to burst in response to the economic, social, and security collapse, the Lebanese suffer everyday from suffocating problems, most notably the lack of fuel, the loss of medicines, and exorbitant pricing.

Lebanon is undergoing a catastrophic financial crisis, which the World Bank has labeled as one of the worst in contemporary history. With the depletion of the country’s dollar reserves at the Banque du Liban, the caretaker government raised fuel prices, part of a plan to partially eliminate fuel subsidies as the country enters a cycle of prolonged economic decline.