A money changer in Beirut in September 2022. (Credit: Anwar Amro/AFP)
BEIRUT — The Lebanese lira on Tuesday hit an all-time low on the parallel market, trading at LL100,000 to the US dollar as it continued its latest free fall more than three years into an devastating economic crisis in the country.
According to the online platform Adde Dollar, the dollar was buying at LL100,000 and selling at LL99,500 on the parallel market as of 10 a.m. Banque Du Liban's Sayrafa rate meanwhile stands at LL75,800 to the dollar.
This new low for the national currency accompanies the resumption of the strike movement launched by the Association of Banks in Lebanon to call for several demands, including a capital control law after legal proceedings were brought against some of its members.
ABL's banking sector strike was suspended on Feb. 27. The initial one-week suspension from Feb. 27 was renewed for on March 3, allowing private and public sector employees to withdraw their salaries. This temporary suspension of the strike also came after Banque Du Liban (BDL) again raised its Sayrafa platform exchange rate.
In early March, the Lebanese lira crossed the all time low record of LL90,000 on the parallel market, before making gains that bought it back to LL80,000 following a series of measures announced by BDL chief Riad Salameh, including raising the Sayrafa rate to LL70,000. The lira's official exchange rate is currently LL15,000 against the dollar.
According to the online platform Adde Dollar, the dollar was buying at LL100,000 and selling at LL99,500 on the parallel market as of 10 a.m. Banque Du Liban's...