Lebanese Pound Rises Slightly After Major Drop

Mohamad Azakir

The Lebanese pound rose slightly Friday morning after experiencing a major and sudden drop on the black market since Wednesday.

The Lira-to-USD rate saw a massive shift in just 24-hours going from around 8,900 LBP then reaching 9,500 LBP for the dollar.

On Friday, the Lira value rose slightly on the black market trading around 9,325 LBP with exchange dealers selling the dollar for 9,350 LBP and buying it for 9,300 LBP.

While this is a slight rise from yesterday’s exchange rate, it is a disastrously low value for the Lira and for people who have already been suffering since the greenback began rising in Q4 of 2019.

The inflation rate this year has led to skyrocketing prices increasing 400% according to Bloomberg’s calculations (based on the Central Administration of Statistics), and everything you might need from food to household items got way more expensive.

Meanwhile, Lebanon is still being administered by a caretaker government for over 6 months now as Lebanese leaders are continuously failing to form a new rescue government that the country urgently needs.