A new drop in the value of the Lebanese pound

A new drop in the value of the Lebanese pound
A new drop in the value of the Lebanese pound

Beirut (AFP)

The Lebanese pound recorded an additional deterioration in its value yesterday, with the exchange rate touching the threshold of 24 thousand against the dollar on the black market, while there are no signs of a solution to the economic and political crises that are engulfing the country.
Two money changers in Beirut, who refused to reveal their names, said that the exchange rate amounted to 23,850 pounds to the dollar in the afternoon, while the exchange rate, according to an electronic application that monitors black market activity, reached 24 thousand, or 16 times less than the value of the pound according to the official exchange rate fixed at 1507 pounds. .
Recording this record exchange rate comes after a continuous deterioration since September, when the exchange rate approached 15,000 against the dollar after announcing the formation of a new government headed by Najib Mikati, in a move that came after more than a year of political paralysis, following the resignation of the previous government days after the explosion The horrific port of Beirut in August 2020.
However, the improvement did not last long, and the lira gradually lost more of its value, with the continuing repercussions of the economic collapse, and the absence of any clear reform plans.
For more than a month, the government has not held any meeting with ministers loyal to the “Hezbollah” militia and its allies boycotting the sessions before deciding on the fate of the judicial investigator in the port explosion, which they are calling for his removal.
The diplomatic crisis with the Gulf states worsened the situation.
With the lira losing more than ninety percent of its value against the dollar on the black market within two years, the purchasing power of the Lebanese has deteriorated, while the minimum wage is below thirty dollars.
According to the United Nations, four out of five Lebanese are now considered poor.

Source

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