Today, Friday, the Lebanese pound edged up slightly against the US dollar after posting the biggest drop in the country’s history yesterday.
According to applications that track the dollar exchange rate on the (parallel) black market, the exchange rate recorded yesterday was 63,000 Lebanese pounds to one dollar, and fell to 60,600 pounds in the afternoon.
And 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 eliminated fuel subsidies and large quantities of medicines and infant formula.
Source: RT
