Lebanese Pound Hits Record Low Black-Market Exchange Rate Against US Dollar
Written by Black Hot Fire Network on September 20, 2022
The Lebanese pound on Monday dropped to a historic low against the US dollar on the parallel, or black, market. Elnashra news reported that $1 could buy 39,000 Lebanese pounds. This is 6.6% lower than the previous record exchange rate of 36,600 pounds to the dollar, reached on September 13. Mounir Younes, an economist and former editor-in-chief of the Kuwaiti newspaper Al Qabas newspaper, said the currency’s collapse was a consequence of the country’s unprecedented economic morass, the political crisis that has delayed the formation of a new cabinet, and fears that . . .
