Dollar and lira bills. (Credit: AFP archive photo)
BEIRUT — The Lebanese lira on Monday continued its tumble on the parallel market, trading around LL47,000 to the US dollar in the early afternoon, according to several mobile tracking applications.
According to the Lirarate platform, by 2 p.m. the dollar was trading at LL47,000 to sell and at LL46,900 to buy.
The gap between this rate and that of the Sayrafa platform (LL31,200 on Friday night), designed by the Banque du Liban to try to stabilize the exchange rate, continues to widen, now amounting to more than LL15,700.
The national currency has lost more than 96 percent of its value over three years of unprecedented economic crisis in Lebanon. Lebanese authorities meanwhile continue to stall on the adoption reforms necessary to curb the country's economic and financial collapse.