Dollar exchange rate crosses LBP 34,000 on black market
The dollar exchange rate crossed LBP 34,000 on the black market on Tuesday, marking a new record high in the country’s history.
The dollar was selling for LBP 34,100 at 3:30 pm according to exchange rate apps.
The exchange rate had crossed LBP 33,000 for the first time in Lebanon’s history on January 11, 2022. It later dropped significantly following measures by the central bank.
Lebanon is in the grip of a devastating economic crisis that has been described as one of the worst in modern history. It imports most of its wheat and has faced shortages over the past weeks as the war in Ukraine leads to increases in prices of oil and food products around the world.