After the black market dollar hit a record low yesterday evening, it rose again this Thursday morning, as it ranged between 23,500 Lebanese pounds for purchase and 23,400 pounds for sale.
The Lebanese pound witnessed an improvement in its value against the US dollar, which led to a decrease in the price of bread and fuel this week, after has been rapidly declining against the dollar since 2019, coinciding with a major liquidity crisis and banks refusing to provide depositors with money in dollars, despite the fact that the official exchange rate remains fixed at 1,507 pounds.
The local currency has lost around 90% of its value over the last two years, pushing three-quarters of the population into poverty.
A month 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.