Black market.. The dollar in Lebanon is a record high in the history of the country

Today, Thursday, the Lebanese pound recorded its biggest drop against the US dollar as the black market exchange rate reached 50,000 Lebanese pounds to one dollar.

According to filings that track the exchange rate of the dollar on the (parallel) black market, the black market dollar has fixed 50,000 Lebanese pounds on sale and 49,800 pounds on purchase.

It is noteworthy that the economic crisis in Lebanon began at the end of 2019, when the black market exchange rate rose from 1,500 pounds (the official rate) to 2,000 pounds. Since then, the lira has continued to fall and more than 80 percent of Lebanese have fallen below the poverty line, unemployment has risen to about 30 percent and inflation has risen by 100 percent.

The central bank has also removed subsidies for many essentials, including fuel, infant formula and a large number of medicines.

The Lebanese media have circulated that the Central Bank will raise the official exchange rate from 1,500 pounds to 15,000 pounds per dollar starting in February next year.

Source: RT