Search
Search

LIRA RATE

Lira hits another new record low as it plummets past LL30,000 to the dollar

Lira hits another new record low as it plummets past LL30,000 to the dollar

The lira is now trading at LL30,000 to the US dollar on the parallel market. (Credit: Joseph Eid/AFP)

BEIRUT — The holidays brought a brief respite to the currency market; however, the opening days of 2022 have brought a new record low for the national currency. In just four days, or two business days, the lira added another 8 percent in losses and is trading for the first time at LL30,000 to the US dollar.

Here’s what we know:

    • The lira has now lost 95 percent of its value compared to the official peg of LL1,507.5 to the dollar, and the LL30,000 rate is 20 times the initial peg.

    • The monthly minimum wage of LL675,000 is now equivalent to $22.5, among the world’s lowest, and barely covers 40 liters of car fuel or two tanks of household gas.

    • Year-on-year inflation is 201.07 percent as of November 2020, and prices are up sevenfold since November 2019.

    • The central bank’s foreign assets stand at $12.5 billion, down $6 billion for the year, and down $19 billion from the end of 2019.

    • Lebanon's cabinet has not met since Oct. 12 following a dispute over Judge Tarek Bitar’s role in the port blast probe.

    • A long-awaited capital control draft law is once again being discussed at the Finance and Budget Committee.

    • Lirafying part of the US dollar deposits in Lebanon’s banks is under discussion as the main tool to deal with the financial sector’s losses, which stand at $68-69 billion, according to Deputy Prime Minister Saade Chami.

    • The Lebanese economy is set to contract another 8.2 percent in 2021, according to a Bloomberg survey. This would be the fourth year of negative economic growth since 2018. 


BEIRUT — The holidays brought a brief respite to the currency market; however, the opening days of 2022 have brought a new record low for the national currency. In just four days, or two business days, the lira added another 8 percent in losses and is trading for the first time at LL30,000 to the US dollar.Here’s what we know:    • The lira has now lost 95 percent of its value...