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

The value of the Lebanese currency ( the Lira ) against the US dollar dropped again to an unprecedented level on the black market on Thursday, when it traded at LL 23,000 to the dollar.

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

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

100, 000 Lebanese pound bank note . it took over 15 of these to purchase $100 on Friday while in 2019 it took 150,000 to buy $100 as the Lebanese currency loses 95 % of is value and hit and all time low . Nobody knows what Lebanon’s currency is worth anymore

The wages of the majority of people in Lebanon are paid in Lebanese pounds , the drop to 23,000 means they have lost over 94% of their income , while at the same time inflation is an all time high in Lebanon since goods are priced at the black market price of the pound .

Commenting on the collapse of the Lebanese pound economist Louis Hobeika said that “in Lebanon, everything is bad, and it is natural that the dollar price continues to rise because people are afraid, pessimistic or disgusted ” ?

in an interview with “Lebanon Debate” website he advised against selling dollars :

“Whoever has the possibility buy dollars and don’t not sell them ” he said

He adds: “I previously advised those who have dollars not to sell it,” recalling that “Lebanon’s economy is dollarised, and a statement from here in Lebanon raises the price of the dollar, and a statement from there lowers it.” ?

Regarding the rise of the dollar and its connection to the tense relations with the Gulf countries, Hobeika points out that “things are heading for more complexity and there is no glimmer of light.”

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