The Lebanese pound has hit a new a little against United State dollar on The black marketa drop which coincides with bank Closing this week due to the theft of angry depositors.
He sold the pound for about 38,500 to the dollar on Monday, according to sites that monitor the stock exchange rate. It was briefly reduced to 38,600 against The dollar on Friday by rising little bit.
The drop in The last days represent a record a little for trapped national Currency.
For decades, the Lebanese pound was pegged at 1,500 Turkish liras dollarwhich means that it lost about 95% of Its value since 2019.
a financial crash Blame it widely on government Corruption and mismanagement caused worst economic crisis in Lebanon history.
The World Bank has trademarked financial crisis one of The world’s worst since the nineteenth century.
To make matters worse, the Lebanese depositors were imprisoned out of Their foreign currency savings through banks controls which has been gradually tightening since 2019.
Unable to move or withdraw dollar Deposits, many resorted to despair bank thefts to edit money.
Lebanon witnessed at least seven such robberies last week, with five taking place on same day.
As a result, the Lebanese banks closed their doors on Monday as part of Three-day closure due to escalating security concerns.
with four out of Five Lebanese are now considered poor according to the United Nations, and the country is desperately seeking a bailout from the International Monetary Fund (IMF).
but the required Reforms were not forthcoming.
It is expected that a delegation from the International Monetary Fund arrive in Lebanon on Monday to follow up on Application of Reforms after a staff-level agreement in April on $3 billion loan program.
“It was slow progress in carry out some of The critical The verbs we think are required to me move forward with A program spokesman for the International Monetary Fund, Jerry Rice, said last week.