A money changer in Beirut in September 2022. (Credit: Anwar Amro/AFP)
BEIRUT — The Lebanese lira continued its tumble on the parallel market Friday, trading around LL49,000 to the US dollar, an all-time low, according to several mobile tracking applications.
According to the Lirarate platform, by 3:30 p.m. the dollar was trading at LL49,400 to buy and at LL49,200 to sell.
The gap between this rate and that of the Sayrafa platform (LL38,000 since last Thursday), designed by the Banque du Liban to try to stabilize the exchange rate, now stands at more LL11,000.
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 in adopting reforms necessary to curb the country's economic and financial collapse.