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© Reuters. The Lebanese pound falls to a new record of 90,000 units for one dollar
Beirut, March 1 (.).- The Lebanese pound reached 90,000 units per dollar on the black market on Wednesday, a new record low amid the serious economic crisis unleashed at the end of 2019 and among forecasts that it will reach exceed 100,000 units per US note in the short term.
According to the local currency monitoring website “Lirarate.org”, buying a dollar costs 90,200 pounds this afternoon, although for those who want to buy local currency the price is still a little below 90,000 units per “greenback”. .
The Lebanese pound has lost almost 100% of its value since the start of the crisis more than three years ago and is in free fall at an unprecedented rate since the beginning of last December, when its value on the parallel market was around 40,000 to the dollar.
A month ago, the Central Bank of Lebanon applied an 895% rise to the official exchange rate of the Lebanese pound, which went from 1,507 units per dollar to 15,000 per US banknote, in the first increase announced by the issuing entity in more than three decades.
Currently, the value of the local currency on the black market is what determines the prices of almost everything in the country and the official currency has very few uses, due to the huge gap created between the two since the crisis began in 2019. , when both were even.
This same Wednesday, the country’s supermarkets have begun to put their prices in dollars due to the continuous fluctuations in the exchange rate, after the Minister of Economy, Amin Salam, gave the green light to the measure the day before.
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