Lebanese Pound Continues Freefalling On The Black Market

After the USD long surpassed the value of 9,000 LBP, the Lebanese pound continued dropping on Thursday against the greenback on the black market.

At the time of writing, the Lira is trading at 9,475 LBP with black market traders selling the dollar for 9,500 LBP and buying it for 9,450 LBP.

The exchange rate had not reached this rate in over 7 months until recently. Last week, the dollar reached 9,500 LBP but rose slightly trading around 9,390 LBP until dropping again.

The Lebanese pound has been in a freefall for over a year now. The dangerous devaluation of the Lira can be stopped if Lebanese politicians form a government, a feat they have proven incapable of yet.

Lebanon has been without a government since caretaker Prime Minister Hassan Diab resigned in the wake of the August 4, 2020, Beirut Port blast.

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