The Lebanese pound or Lira is trading at a record-breaking low value of around 10,000 LBP on the black market.
While Lebanon has broken many records before, this is a record break that is neither welcomed nor celebrated.
On Tuesday noon, black market traders were selling the dollar for 10,000 LBP and buying it for 9,950 LBP for the first time in recent history.
The Lira exchange rate surpassed 9,000 for the first time in months around mid-February. Since then, the local currency’s value has been rapidly dropping.
With this quick deterioration, expectations the dollar will exceed 10,000 LBP within days which is even more disastrous.
To put it into perspective: a mere $50 bill, normally worth 75,000 LBP, is now worth 500,000 LBP.
As of yet, there have been no developments in the government formation process which could rescue Lebanon from its crises, both financial and social.
