People counting dollar and Lebanese lira notes in Beirut. (Credit: AFP / File photo)
The Lebanese Lira surpassed LL85.000 to the dollar on the parallel market Monday evening, marking yet another record in the depreciation of the currency.
According to the Lirarate platform, the dollar was buying at LL85,500 and selling at LL85,000 at around 9:00 pm.
Ten days ago, on Feb. 16, the Lebanese lira had crossed the threshold of LL80,000 for a greenback on the parallel market.
Since the official exchange rate was set at LL15,000 to the dollar on Feb. 1, after decades of a rate set at LL1,507.5., the collapse of the lira has deepened.
Caretaker Lebanese Prime Minister Najib Mikati said last Tuesday that he expects the Lebanese pound to trade at LL30,000 to the dollar on the parallel market if the Parliament manages to elect a new president and end the executive vacancy in the country.
After over three years of an economic crisis that continues to unfold, the national currency has lost 98% of its value compared to the former official rate.
The delay in electing a president and government has further stalled the adoption of reforms needed to halt the country's economic and financial collapse.