BEIRUT — The Lebanese lira fell further Saturday, trading at LL34,000 against the dollar on the parallel market.
Here's what we know:
• The difference between the exchange rate on the parallel market and Banque du Liban's Sayrafa platform (LL26,700 on Saturday), which was set up to try to stabilize the exchange rate, continues to widen, and now amounts to more than LL7,000.
• More than 80 percent of Lebanese now live below the poverty line, the depreciation of the national currency almost wiped out their purchasing power. According to a study by the World Bank published at the end of July on food security in the world, Lebanon experienced the largest increase in food prices in the world in June .