Despite the fact that the Lira has bounced back from its lowest rate against the dollar, the economic situation in Lebanon is still dire.
In fact, the exchange rate is so volatile it varies from one black market trader to the other. Beirut-based columnist for Foreign Policy recently wrote, “In Lebanon’s absurd economy, money’s value depends on whom you ask.”
That being said, Lebanon’s “official” exchange rate rests at 1,500 LBP per US dollar. Over the past year, the Lira has lost over 80% of its value.
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