Lebanese pound continues it collapse , loses over 95 % of its value

Beirut-

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 25,300 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 . 

The wages of the majority of people in Lebanon are paid in Lebanese pounds , the drop to 25,300 means they have lost over 95% 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 a recent 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.” ?

The drop in the value of the Lebanese pound came after the central bank raised the official bank exchange rate to depositors from 3900 LL to 8000 LL, which represents a haircut of 70 % based on the black market rate