A money changer in Beirut in Sept. 2022. (Credit: Anwar Amro/AFP)
BEIRUT — The Lebanese lira on Wednesday afternoon hit an all-time low of LL57,000 against the US dollar on the parallel market, according to the online platform Lirarate.
BDL's Sayrafa rate, in which it provides dollars to depositors in an attempt to limit depreciation of the lira, is at LL38,000 against the dollar, as of Tuesday. The gap between that rate and the market one now amounts to around LL19,000.
The drop comes days before the bank dollar ("lollar") withdrawal rates are set 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.
Roads across Lebanon have been blocked on Wednesday in protest against the freefall of the lira, rising prices and staggering living conditions.
Many gas stations shut down for the day, faced with the volatility of the lira, hours before the Ministry of Energy released new fuel prices with a sharp increase. Lines of motorists stretched out in front of the few stations that remained open.