Lebanese pound sees new low against dollar following weeks-long improvement – Roya News English

Lebanese pound sees new low against dollar following weeks-long improvement – Roya News English

Wednesday, the Lebanese pound lost more value against the dollar, after a limited improvement last month, following the announcement of the formation of a new government after 13 months of political vacuum.

Since the summer of 2019, in light of an economic collapse that the World Bank has ranked among the worst in the world since 1850, the Lebanese pound has gradually begun to decline against the dollar, coinciding with a severe liquidity crisis and banks stopping providing depositors with their money in dollars.

The official exchange rate is still fixed at 1,507 pounds.