Report: Lebanese Pound Exchange Rate Against Dollar Plunges to All-Time Low – Economics Bitcoin News

According to a report, it took just two weeks for the Lebanese pound’s black market exchange rate to drop from 26,800 to the latest rate. depreciation inflation exchangerate

After relative calm for a few months, the Lebanese pound has plunged to an all-time low of 35,600 per dollar, a report has said. The currency’s latest slide is expected to worsen Lebanon’s economic challenges.In a sign that Lebanon’s ongoing economic crisis is worsening, the black market exchange rate of the Lebanese pound is reported to have plunged to an all-time low of 35,600 against the dollar.

While authorities in Lebanon have blamed the rising global inflation, some experts believe domestic reasons are largely to blame for the country’s deteriorating situation. Meanwhile, one of the country’s newly elected politicians, Mark Daou, is quoted in the report insisting that Lebanon can only escape its present predicament if it institutes reforms.

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