Lebanese Pound Continues Dropping Against The Dollar

TDS/Mohamad Azakir

The Lebanese pound continued dropping against the dollar on the black market on Wednesday, nearing its record low value.

Black market dealers were buying the dollar for 10,600 LBP and selling it for 10,700 LBP at the time of writing, despite the government’s attempt to crack down on illicit trading.

After reaching 10,800 LBP per dollar, the Lira exchange rate went back to 10,300 LBP between Sunday and Monday – only to drop against the dollar once more.

The depreciation of the national currency has sparked angry protests across the country since last week. People took to the streets in desperation to protest the frustrating social and economic situation.

During these protests, a number of people were injured by drivers who tried forcing their way through the crowds of revolutionaries closing the roads and highways.