A Lebanese money-changer poses while at work. (Joseph Eid/AFP/File)
BEIRUT — The Lebanese lira, which recovered slightly against the greenback in the past week, again plunged in value shortly after 3.30 p.m Thursday, trading above LL 34,000 to the dollar on the parallel market.
Here's what we know:
• According to the Lirarate.org platform, buying a dollar costs LL 34,100, while selling a dollar was worth LL 34,000. The gap between the parallel market rate and that of the Sayrafa platform (LL 27,200), designed by Lebanon's Central Bank to help stabilize the exchange rate, continues to grow, amounting now to more than LL 6,000.
• The depreciation of the national currency, which has lost more than 95 percent of its value since the summer of 2019, has caused sharp price hikes and plunged more than three-quarters of Lebanese below the poverty line. The current depreciation comes after the government reached a preliminary agreement with the International Monetary Fund (IMF), which is expected to allocate $3 billion over four years to help Lebanon deal with its multiple crises, provided the leadership implements drastic reforms, which are overdue.