The value of the Lebanese currency against the US dollar dropped to an unprecedented level on the black market on Thursday, when it traded at LBP 16,000 to the dollar.

File photo : Outraged over the collapse of the Lebanese currency Lebanese protesters set the Central Bank on fire, June 20, 2020

In the morning the Lebanese currency’s trading at about 15600 to the dollar .

According to experts , as long as the situation remains the same, the price of the dollar will continue to rise.

The Lebanese pound was pegged to the dollar at a rate 05 1507.5 LBP to the dollar and until 2019 the dollar was trading at about 1500 LBP .

The wages of the majority of people in Lebanon are paid in Lebanese pounds , the drop to 16,000 means they have lost about 94% of their income , wile at the same time inflation is an all time high in Lebanon since goods are priced at the black market price of the pound .

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