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Lebanon: Lira hits record low of 100,000 to the dollar

Lebanese lira

SHAFAQNA- The Lebanese lira has plummeted to a new historic low, trading at 100,000 against the USA’s dollar on the black market.

While the currency is still officially pegged at 15,000 liras to the dollar by Lebanon’s central bank, private dealers reported a new record low in the shadow economy on Tuesday (14 Mar 2023).

This means that Lebanon’s largest bill in circulation is worth just $1, a staggering decline from $66 before the financial crisis hit in 2019 when the lira was traded at 1,507 to the dollar.

The Lebanese currency is the worst performing in the world this year, according to data compiled by Bloomberg.

Lebanese banks have imposed strict restrictions on withdrawals for several months, leading to public outrage and even armed raids by depositors.

Source: middleeasteye

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