The Lebanese Lira Drops Against The Dollar Again With No Solution In Sight

Lebanon will open the application process for USD cash cards starting next week, caretaker Tourism and Social Affairs Minister Ramzi Moucharafieh announced on Thursday.

The Lebanese lira dropped against the dollar on the black market once again as eerie silence surrounds the long-overdue government formation process.

Black market traders are selling the dollar for 12,450 LBP and buying it for 12,400 LBP. This comes after a week or so of the exchange rate remaining somewhat stable.

The drop comes after Saudi Arabia banned the import of produce from Lebanon following a massive bust of narcotics stashed in pomegranates.

A year ago, the Lebanese pound was trading at around 4,000 LBP. This year, after many crises, Lebanon’s currency hit its lowest point of around 15,000 LBP.

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