Lebanese pound hits new record in declining value
With the ongoing decline of the Lebanese pound against the dollar, the economic crisis in Lebanon intensifies.
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.
Since the results of the parliamentary elections got released, the Lebanese pound broke a record high on the black market.
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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.