Lebanese pound collapses to record 50,000 per U.S. dollar

Home Business Lebanese pound collapses to record 50,000 per U.S. dollar 19-01-2023 02:31 PM Ammon News - The Lebanese pound on Thursday dropped to 50,000 per one U.S. dollar for the first time in the country's history, Elnashra news website reported. The last record low of 49,000 pounds against the dollar was seen just a few days ago on Jan. 14, down from 40,000 pounds on Oct. 14 last year. Patrick Mardini, president of the Lebanese Institute for Market Studies, attributed the continuous depreciation of the Lebanese pound to the increase in the money supply. "The Central Bank of Lebanon increased the quantity of money in circulation, which doubled in the last six months to manage to finance the government's budget deficit," he told Xinhua. Lebanon's authorities have so far failed to implement structural reforms to unlock aid from the International Monetary Fund that might put the country on the path of recovery. The IMF requires the Lebanese parliament to pass significant reforms to its financial and banking sectors and adopt a unified exchange rate. There are now at least five different exchange rates co-existing in Lebanon

Home Business

Lebanese pound collapses to record 50,000 per U.S. dollar

19-01-2023 02:31 PM

Ammon News - The Lebanese pound on Thursday dropped to 50,000 per one U.S. dollar for the first time in the country's history, Elnashra news website reported.

The last record low of 49,000 pounds against the dollar was seen just a few days ago on Jan. 14, down from 40,000 pounds on Oct. 14 last year.

Patrick Mardini, president of the Lebanese Institute for Market Studies, attributed the continuous depreciation of the Lebanese pound to the increase in the money supply.

"The Central Bank of Lebanon increased the quantity of money in circulation, which doubled in the last six months to manage to finance the government's budget deficit," he told Xinhua.

Lebanon's authorities have so far failed to implement structural reforms to unlock aid from the International Monetary Fund that might put the country on the path of recovery.

The IMF requires the Lebanese parliament to pass significant reforms to its financial and banking sectors and adopt a unified exchange rate. There are now at least five different exchange rates co-existing in Lebanon

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