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Lebanese lira hits new record low of LL110,000 against dollar on parallel market

Lebanese lira hits new record low of LL110,000 against dollar on parallel market

The Lebanese lira attained a record low on the parallel market Saturday. (Credit: Joseph Eid/AFP)

BEIRUT — The Lebanese Lira plunged to a record low of LL110,000 to the US dollar on the parallel market Saturday, four days after it had hit an all-time low of LL100,000.

According to the online platform lirarate.org, the dollar was buying at LL110,000 and selling at LL109,000 around 9:30 am, while the rate of the Sayrafa platform, set up by the Banque du Liban (BDL), was raised to LBP 80,200, according to a Central Bank statement Friday evening.

The national currency reached his new low as banks resumed an open-ended strike Tuesday, to protest legal proceedings launched against some of its members. This strike was suspended after a decision announced on Feb 24.

The lira had crossed the record threshold of LL90,000 to the dollar the beginning of March, before BDL governor Riad Salameh announced a series of measures — raising the Sayrafa rate to LL70,000 to the dollar — which stabilized the currency at LL80,000 to the dollar. The lira's official rate is LL15,000 to the dollar, after having been maintained at LL1,500 for 25 years.

After more than three years of the economic crisis in Lebanon, the national currency has depreciated by more than 98 percent of its value relative to the former official rate. Without a president or full-fledged government, Lebanese authorities have yet to approve reforms demanded by the International Monetary fund in exchange for cash assistance. 

BEIRUT — The Lebanese Lira plunged to a record low of LL110,000 to the US dollar on the parallel market Saturday, four days after it had hit an all-time low of LL100,000.
According to the online platform lirarate.org, the dollar was buying at LL110,000 and selling at LL109,000 around 9:30 am, while the rate of the Sayrafa platform, set up by the Banque du Liban (BDL), was raised to LBP...