As of Saturday, black market traders in Lebanon have been selling the US dollar for 13,350 LBP and buying it for 13,400 LBP.
The current official rate is still $ 1 = 1,500 LL and the discount rate at $ 1 = 3,900 LL
Lebanon is currently experiencing hyperinflation due to a persistent economic crisis since late 2019. The Lebanese pound has fallen significantly against the previously set US dollar rate of $ 1 = 1,500 LL.
This caused the banks to create unofficial capital controls – essentially freezing the accounts and freeing up only a limited amount of dollars using the $ 1 = 3,900 LL. This is called the “bank rate”.
The Lebanese pound has lost more than 90 percent of its value.
Judicial bodies have banned sites reporting the black market and shadow rate believing they were responsible for the inflation. The exchange rate did not change after the ban. 961 was blocked for 9 hours following the execution of this ban for our coverage – although there is no specific order to ban us.
Find the latest news and updates concerning the Lebanese pound on our dedicated section by clicking here.
Our team works tirelessly to guarantee the Lebanese a reliable alternative to the politically supported media with their heavily funded and dangerous propaganda machines. We have been detained, faced with relentless cyber attacks, censorship, attempted kidnappings, physical intimidation and futile prosecutions that drain our resources. The financial support of our readers allows us to fight on your behalf. If you can afford it, please consider supporting The961’s work. Support The961. Make a contribution now.