The exchange rate of the Lebanese pound fell to 30 thousand pounds against dollar The American is at its lowest historical level the currency Lebanon, which is grappling with chronic economic and political crises.
The currency has lost about 95% of its value since the summer of 2019, when it began to separate from the exchange rate of 1,500 pounds to the dollar, at which the currency has been pegged since 1997, while Lebanon groans under the weight of an economic collapse described by the World Bank as one of the worst recessions in modern history. The crisis is largely due to decades of corruption and mismanagement by political elites.
Lebanon formed a new government in September headed by Najib Mikati, one of its aims to negotiate an International Monetary Fund program, which is seen as important to release international aid to stem the crisis.
The insane rise of the dollar exchange rate remains dominating the Lebanese scene, as it continues to break records, amid expectations that it will continue to rise and the reflection of this rise on a suspicious movement also in the pricing of vital consumer goods, including bread and fuel.
Economists attributed the rise in dollar prices to several factors, the most important of which is myself as a result of the loss of confidence under the weight of the continuing internal crisis, with its political and judicial dimensions, which appears in the inability of the Council of Ministers to convene despite the importance of the accumulated files.
In addition to this main factor, other reasons contribute to the rise of the dollar, namely: the relative decline in remittances from abroad during this period, the contraction of exports, which constitutes one of the tributaries of hard currency, and the decline of foreign tourism due to the prevailing negative political and service considerations.