Lebanese pound drops to all-time low

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A demonstrator carries a national flag along a blocked road, during a protest against the fall in Lebanese pound currency and mounting economic hardships, near the Central Bank building, in Beirut, Lebanon March 16, 2021. © Mohamed Azakir
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Beirut, Lebanon – The black market value of the Lebanese pound has fallen to an all-time low of 36,900 to 37,000 against the US dollar, a drop of 15 % in the space of just two weeks, and a sign that Lebanon’s economic crisis is set to continue to cripple the country.

More difficulties await Lebanon

The US credit rating agency, Fitch, said Friday that the inconclusive election results on May 15 in Lebanon make it more difficult for any camp to form a stable, controlling majority in Parliament.

Fitch warned that Lebanon’s exit from the debt default situation is still difficult after the inconclusive elections.

The agency indicated in a report, that “the current reality, complicates the country’s ability to implement financial and economic reforms, while such reforms will be preconditions for obtaining support from the International Monetary Fund and other international partners, which in turn can pave the way for Lebanon to exit from default.” in fulfilling its sovereign obligations.

In the midst of the foggy scene surrounding the monetary future, the Lebanese citizens are asking : ” Should we keep our dollars or do sell them ?”

Four out of five Lebanese are now considered poor according to the World Bank.

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