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The Lebanese pound plummets to record levels after the legislative elections

by souhaib
May 28, 2022
in Forex
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©Reuters. Lebanese pound plunges to record levels after legislative elections

Beirut, May 26 (.).- The Lebanese pound surpassed this Thursday the barrier of 35,000 units for one dollar on the black market, a new historical record after collapsing rapidly and gradually since the parliamentary elections held on May 15 in the Mediterranean country.

Some 35,000 Lebanese pounds are offered today in the parallel market for each US bill, almost 10,000 more than before the elections just ten days ago, several moneychangers told Efe.

Despite the fact that the pound has lost more than 90% of its value on the black market since the outbreak of a serious economic crisis at the end of 2019, the official exchange rate remains unchanged at around 1,500 units per dollar, with hardly any impact. in everyday transactions.

The parallel market determines the daily prices of products, although the official exchange rate is still applied to official payments amid new measures to equate both values ​​in customs taxes on imports or the telecommunications sector.

The Lebanese currency registered daily falls since last week the composition of the Legislative emanated from the polls was announced, in which no block will have a majority and whose fragmentation predicts significant delays in the formation of a new Executive.

Lebanon, where almost 80% of the population lives below the poverty line and where there is a serious shortage of fuel or electricity, is already in the hands of an interim government and it is feared that a delay in the transfer of command could hinder the achievement of a final agreement with the International Monetary Fund.

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