As of Saturday, black market traders in Lebanon are selling the US Dollar for 28,500 LBP and buying it for 29,000 LBP.
The current official rate still stands at $1 = 1,500 L.L. and the bank rate at $1 = 8,000 L.L.
Lebanon is currently experiencing hyperinflation as a result of an ongoing economic crisis since the end of 2019. The Lebanese lira has been drastically falling against the previously fixed US dollar rate of $1 = 1,500 L.L.
This has caused banks to create an unofficial capital control – basically freezing accounts and only releasing a limited amount of dollars using the $1 = 8,000 L.L. This is called the “bank rate.”
The Lebanese lira has lost more than 90 percent of its value.
Judicial entities have banned sites reporting the black market and parallel rate believing they were responsible for the inflation. There was no change in the exchange rate following the ban. The961 was blocked for 9 hours following the execution of this ban for our coverage – despite there being no specific order to ban us.
Find the latest news and updates surround the Lebanese lira on our dedicated section by clicking here .