A money changer in Beirut in September 2022. (Credit: Anwar Amro/AFP)
BEIRUT — The Lebanese lira hit an all-time low on the parallel market on Monday, trading at around LL120,000 to the dollar as of 4:30 p.m. as it continued its latest free fall more than three years of a devastating economic crisis.
According to the online platform Lirarate.org, the dollar was buying at LL120,000 and selling at LL119,000 on the parallel market while Banque Du Liban's Sayrafa rate stood at LL80,200 to the dollar. The official rate for the national currency is LL15,000 to the dollar.
This new low for the national currency accompanies the resumption of the strike launched by the Association of Banks in Lebanon (ABL) to make several demands, including a capital control law.
ABL's banking sector strike was suspended on Feb. 27. The initial one-week suspension was renewed 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.