Abu Dhabi, United Arab Emirates (CNN) – The Lebanese national currency, the Lebanese pound, hit a record low on Tuesday, as it traded at 100,000 pounds per US dollar on the black market, which is the parallel market used for almost all transactions in the country.
The 100,000 pound banknote is the highest denomination of banknotes in Lebanon.
The new rate was shared on online platforms used by private exchange firms, including the Lira Exchange, which showed dollars were being bought at 100,000 pounds and sold at 100,500 Lebanese pounds on the black market as of 10 a.m. (4 a.m. ET). , Tuesday.
Exchange shops in Lebanon depend on the rates shared between these online platforms, which the authorities have failed to crack down on.
The official exchange rate shared by Lebanon’s central bank is 15,000 pounds to the dollar, after it was adjusted for the first time in decades from 1,500 on January 20.
The value of the lira has declined since the outbreak of the financial crisis in Lebanon in October 2019, in an accelerated decline since January 20 when this adjustment was made.
The latest drop in the currency on Tuesday comes as the strike movement launched by the Association of Banks in Lebanon (ABL) last month resumed across the country.
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