As of Monday, black market traders in Lebanon are selling the US Dollar for 46,200 LBP and buying it for 46,300 LBP.
The current official rate still stands at $1 = 1,500 L.L. and the bank rate at $1 = 8,000 L.L.
Lebanon is currently experiencing hyperinflation as a result of an ongoing economic crisis since the end of 2019. The Lebanese lira has been drastically falling against the previously fixed US dollar rate of $1 = 1,500 L.L.
This has caused banks to create an unofficial capital control – basically freezing accounts and only releasing a limited amount of dollars using the $1 = 8,000 L.L. This is called the “bank rate.”
The Lebanese lira has lost more than 90 percent of its value.
Judicial entities have banned sites reporting the black market and parallel rate believing they were responsible for the inflation. There was no change in the exchange rate following the ban. The961 was blocked for 9 hours following the execution of…