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After breaking the record and reaching 10,000 LBP against the dollar, the Lebanese Lira is now trading for an even higher rate on the black market.
On Saturday afternoon, the Lira was trading at 10,425 LBP with black market traders selling the dollar for 10,450 LBP buying it for 10,400 LBP.
The Lira value rose very slightly and remained stable against the dollar for the week after reaching 10,000 LBP only to begin dropping continuously since Friday.
It has been over a year since the local currency began dropping in value against the dollar rendering wages practically worthless while simultaneously cause prices of goods to skyrocket.
With no solution in sight, the worsening financial situation has sparked intense protests across the country with people closing roads of different cities.
Only president Michel Aoun and the Prime Minister-designate Saad Hariri hold the cure for the country’s ailing deteriorating economic and social situation.