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Lebanese pound hits new record in declining value

  • By Al Mayadeen English
  • Source: Agencies
  • 24 May 2022 22:01
1 Min Read

With the ongoing decline of the Lebanese pound against the dollar, the economic crisis in Lebanon intensifies.

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  • Lebanese pound hits yet another record
    Lebanese pound hits yet another record.

Last January, the dollar exchange rate hit a record high, amounting to 33,500 Lebanese pounds against the dollar, while the official exchange rate of the Lebanese pound has been fixed since 1997 at 1,507 pounds against the dollar.

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Since the results of the parliamentary elections got released, the Lebanese pound broke a record high on the black market.

Read more: Health care crisis in Lebanon

On Tuesday, the Lebanese pound declined greatly against the dollar reaching a ranging record value of 34,000LBP to 34,100LBP for every 1$. This record breaks the previous one reached in January in which the Lebanese pound reached 33,500LBP for every 1$.

The Lebanese currency has diminished since the 2019 crisis after it had been fixed at 1,507LBP for every dollar since 1997. As a result of this crisis, the national currency has lost 95% of its market value in about two years. The World Bank described this as one of the 10 most severe crises in the world since the mid-19th century.

  • Lebanon
  • Lebanon crisis
  • Lebanese pound
  • Economic crisis in Lebanon
  • Economic inflation

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