A money exchange vendor counts US dollar banknotes at his shop in Beirut, Jan. 19, 2023. (Credit: Mohamed Azakir)
BEIRUT — The Lebanese lira on Friday hit an all-time low of LL51,000 against the US dollar on the parallel market, according to the online platform Lirarate.
The drop comes days before the bank dollar ("lollar") withdrawal rates are meant to increase from LL8,000 to LL15,000 starting next month, as new measures by the central bank come into force. The move is expected to further depreciate the value of the lira against the dollar.
On Thursday the lira hit a record low of LL50,000 despite Banque du Liban's interventions to contain its devaluation.
That same day, BDL's Sayrafa rate, in which it provides dollars to depositors in an attempt to limit depreciation of the lira, was LL38,000 against the dollar. The gap between that rate and the market one now amounts to more than LL13,000.
The lira has lost 97 percent of its value since the beginning of the country's economic crisis in 2019, compared to a longstanding official exchange rate of LL1,507.5 to the dollar.