On Wednesday, black market traders in Lebanon sell the US dollar for 23,000 LBP and buy it for 23,050 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 accounts and freeing up only a limited amount of dollars using the $ 1 = 3,900 LL. This is called the “discount 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 – despite there being no specific order to ban us.
Find the latest news and updates concerning the Lebanese pound on our dedicated section by clicking here.
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