The price of the U.S. dollar has dropped after exceeding 15,000 L.L. just yesterday when it broke its own high record value on the parallel market.
Black market traders were selling the dollar for 13,500 L.L. and buying it for 13,300 L.L. on Wednesday afternoon. The price of the dollar had only hit and exceeded 13,000 L.L. for its first time two days ago on Monday.
Lebanon’s Lira has lost more than 85% of its value since Q4 in 2019 during the onset of the economic collapse. In addition, the country is experiencing a huge increase in fuel prices compared to last week.
Supermarkets across the country have been forced to shut down in the face of the unstable exchange rate in Lebanon. People, however hopeless, are continuing to take to the streets to express their frustration and demand action from the state.
However, it has been over 4 months since Prime Minister-designate Saad Hariri was appointed and he has not been able to come to an agreement with Lebanon’s President Michel Aoun on an urgent rescue government.
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