Latest updates surrounding the Lebanese pound and its rapid devaluation.
A judicial order has forced sites showing the current/live exchange rates at the parallel (black) market to be blocked. You can find our reporting on the developments of the currency through our regular news coverage below.
The Lebanese Pound is the currency of Lebanon. It used to be divided into 100 piastres but due to high inflation during the Lebanese Civil War, the need for subdivisions was removed. The Lebanese Lira is commonly known as the Lebanese Lira.
Before the Lebanese Civil War, 1 U.S. dollar was worth 3 Lebanese Liras. During the Lebanese Civil War the value decreased rapidly until 1992, when one US Dollar was worth over 2,500 Lebanese Liras. The value increased again, and since December 1997 the rate of the Lebanese Lira has been pegged at 1507.5 Lebanese Pounds per US Dollar.
In August 2019, pressure on the fixed exchange rate with the U.S. dollar started, creating a parallel rate in the market. The two-rate market is a textbook case of weakening Central Bank reserves that are not able to defend the official exchange rate. Continuous financial pressures driven by unsustainable sovereign debt, high trade deficit and deposit outflows due to loss of confidence are threatening the peg for the first time since 1992.
As of July 1st, 2020, one U.S. dollar was quoted at over 9,000 Lebanese Pounds in the black market in Beirut. January 9th, 2022, 1 US surpassed 30,000 LBP.
As of February 1st, 2023, the peg switched from 1,507LL to 15,000LL.
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