The Lebanese pound continued dropping on the black market on Friday morning recording brand new lows.
The Lira is currently trading at 9,675 LBP with black market traders selling the dollar for 9,700 LBP and buying it for 9,650 LBP.
On Thursday evening, black market traders were selling the dollar for 9,650 LBP and buying it for 9,600 LBP.
It’s worth noting that the highest exchange rate the dollar has reached on the black market since the beginning of the financial crisis in Lebanon was 9,700 LBP last year in July.
The low value of the Lira is giving a new meaning to “minimum” wage in both the public and private sector in Lebanon.
In fact, a local research firm, Informational International, published a study comparing the salary value of different professions before the financial crisis and now. The numbers are shocking.
For example, the salary of a Lebanese University professor which was worth $2,466 before the devaluation is now worth $394.
While forming a government in line with the French initiative is believed to be able to restore stability in Lebanon and revive the economy, it appears this is not a priority for the ruling decision-makers.