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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Lebanese pound value hits record low

  • By Al Mayadeen English
  • Source: Agencies
  • 26 May 2022 11:41
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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