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BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Lebanese pound value hits record low

  • By Al Mayadeen English
  • Source: Agencies
  • 26 May 2022 12:41
2 Min Read

With the ongoing decline of the Lebanese pound against the dollar, the economic crisis in Lebanon -one of the world's worst since the 1850s intensifies.

  • x
  • This record breaks the previous one reached in January.
    This record breaks the previous one reached in January.

On Thursday, the Lebanese pound declined greatly against the dollar reaching a ranging record low of 35,200LBP for every 1$ and is on a downward spiral.

This record breaks the previous one set in January when the dollar exchange rate hit a record high, reaching 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.

Related News

Lebanese currency hits lowest value ever against US dollar

Lebanese pound hits new record in declining value

Read more: Why are the Lebanese people voting?

 

 

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. 

Lebanon suffers from a deepening economic crisis - one of the world's worst since the 1850s - widely blamed on government corruption and mismanagement, not to mention US meddling in the country.

Go deeper:  US diplomat: US-backed Lebanese opposition self-centered, narcissistic

 

A full tank of gas now costs more than the minimum monthly wage, electricity is only available for two hours per day, and unaffordable school fees are driving up student dropout rates.

The World Bank now classifies four out of every five Lebanese as poor.

  • Lebanon
  • Lebanese pound
  • Economic crisis in Lebanon
  • Dollar
  • US
  • US meddling

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