As Lebanese have come to expect, a fluctuation occurred in the exchange rate since yesterday. This time, the Lebanese pound is back up against the dollar after it dropped on Monday.
On Tuesday, the dollar is trading for around 11,675 LBP on the black market with traders selling the dollar for around 11,700 LBP and buying it for 11,650 LBP.
On Monday, the dollar price rose to around 12,150 LBP but the Lebanese pound quickly gained back value, albeit slightly.
Despite the fact that the Lira has bounced back from its lowest rate against the dollar, the economic situation in Lebanon is still dire.
In fact, the exchange rate is so volatile it varies from one black market trader to the other. Beirut-based columnist for Foreign Policy recently wrote, “In Lebanon’s absurd economy, money’s value depends on whom you ask.”
That being said, Lebanon’s “official” exchange rate rests at 1,500 LBP per US dollar. Over the past year, the Lira has lost over 80% of its value.
Now, Lebanon is threatened with evaporating foreign currency reserves and, ultimately, a complete shortage of basic imported supplies if the state does not act swiftly.
