Fun

Report: Lebanese Pound Exchange Rate Against Dollar Plunges to All-Time Low

News Feed - 2022-05-31 02:05:08

Report: Lebanese Pound Exchange Rate Against Dollar Plunges to All-Time Low


After relative calm for a few months, the Lebanese pound has plunged to an all-time low of 35,600 per dollar, a report has said. The currency’s latest slide is expected to worsen Lebanon’s economic challenges. Pound Depreciation


In a sign that Lebanon’s ongoing economic crisis is worsening, the black market exchange rate of the Lebanese pound is reported to have plunged to an all-time low of 35,600 against the dollar. According to an Al Jazeera report, it took just two weeks for the pound’s black market exchange rate to drop from 26,800 to the latest rate. At the time of writing, the pound’s official exchange rate was 1,510 for every dollar.


The pound’s reported quickfire depreciation has worsened Lebanon’s already difficult economic situation. Also as noted in an Al Jazeera report, the currency’s plunge was preceded by a 25% increase in petrol prices. Plans to scrap subsidies — which in turn can lead to further price increases — are expected to worsen the plight of the country’s residents.


While authorities in Lebanon have blamed the rising global inflation, some experts believe domestic reasons are largely to blame for the country’s deteriorating situation.


One of the experts, financial adviser Michel Kozah, explained: “When global prices change, Lebanon is not hit once, but twice. It’s because we cannot protect the value of the Lebanese pound.”


IMF Bailout


While Lebanon was briefly successful in halting the pound’s slide earlier in the year, the country’s limited resources meant its policy of defending the pound could not be sustained, the report said.


Meanwhile, one of the country’s newly elected politicians, Mark Daou, is quoted in the report insisting that Lebanon can only escape its present predicament if it institutes reforms.


“Financial reforms like capital controls, banking secrecy, judicial independence and a few others are fundamental for regaining trust and stabilising the markets,” Daou explained.


The politician added that the country needed to implement the reforms as this was the only way it can qualify for an International Monetary Fund (IMF) financial bailout. Tags in this story Black market exchange rate, global inflation, imf bailout, lebanese pound, lebanon currency crash, lebanon financial crisis, Mark Daou, Michel Kozah


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. The Fed"s Christopher Waller Wants 50 bps Rate Hikes Until Inflation Subsides, US Savings Data Plummets ECONOMICS | 10 hours ago "Big Short" Investor Michael Burry Warns of Looming Consumer Recession, More Earnings Trouble ECONOMICS | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUndervalued Metaverse Project Mars4 Is Preparing for New Releases Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItIran to Increase Penalties for Unauthorized Cryptocurrency Mining


Iran has drafted new rules to increase penalties for illegal cryptocurrency mining in the country, including additional fines and imprisonment. "Any use of subsidized electricity intended for households, industrial, agricultural, and commercial subscribers for mining cryptocurrency is prohibited." New Penalties ... read more.Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Red Bull Racing Partners With Bybit, F1 Team Says It’s the ‘Largest per Annum Crypto Sports Deal to Date’
Red Bull Racing Partners With Bybit, F1 Team Says It"s the "Largest per Annum Crypto Sports Deal to Date" Red Bull Racing (RBR) has announced the cryptocurrency exchange platform B
Philippines SEC orders Apple and Google to remove Binance from app stores
Savannah Fortis13 hours agoPhilippines SEC orders Apple and Google to remove Binance from app storesThe Philippines SEC mandates the removal of the Binance app from Google and Apple stores in the country citing security
Bitfarms forced to stop ‘poison pill’ strategy amid Riot takeover attempt
Tom Mitchelhill4 hours agoBitfarms forced to stop ‘poison pill’ strategy amid Riot takeover attemptThe Ontario Capital Markets Tribunal terminated Bitfarm’s attempt to “poison pill” Riot Farm’s takeover attem
William Suberg8 hours ago‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024Bitcoin is in its “pre-bull market” phase, and the days of BTC price trading at current levels are numbered,
Amaka Nwaokocha12 hours agoCerebras Systems secures $100M AI supercomputer deal with UAE’s G42Alongside G42, Cerebras aims to expand the supercomputer, with plans to establish 36 exaflops of AI computing in the coming
Canada crypto exchanges get more time for stablecoin compliance
Derek Andersen2 hours agoCanada crypto exchanges get more time for stablecoin complianceCrypto platforms in Canada are having trouble preparing for new stablecoin regulations. Take your time, the Canadian Securities Admi
Rakesh Upadhyay5 hours agoPrice analysis 7/21: BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOTSeveral Bitcoin price indicators suggest that BTC’s narrow trading range could end soon, resulting in a volatile price m
Zhiyuan Sun8 hours agoImmutable delays $67M token vesting by another year125 million IMX tokens allocated for developer rewards will be vested monthly starting July 2024.825 Total views8 Total sharesListen to article 0:0
Helen Partz13 hours agoCommunity reacts to SEC dropping XRP case and LBRY shutdownWhile celebrating a new court win in Ripple’s legal battle with the SEC, the community mourns the demise of LBRY, which some say was “
Price analysis 7/15: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Rakesh Upadhyay6 hours agoPrice analysis 7/15: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADABitcoin and altcoin traders set their sight on new all-time highs now that BTC price is back above $63,000.2894 Total views1
Russian Law Enforcement Prepares to Seize Crypto Assets, Seeks Permission to Set Up Wallets
Russian Law Enforcement Prepares to Seize Crypto Assets, Seeks Permission to Set Up Wallets Russian investigators are pressing the parliament and government in Moscow for permissio
Price analysis 5/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay4 hours agoPrice analysis 5/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBAltcoins showed impressive double-digit gains after Bitcoin bulls successfully pulled BTC price back above the $61,000 leve