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Parallel market rate = LL 89,601.44 (May 2024). [30] The parallel (or black) market rate is significantly higher than the official exchange rate. [citation needed] Due to extensive dollarization of the economy, which caused the circulating supply of Lebanese currency to stop growing, depreciation of the Lebanese pound was effectively halted.
The USD black market exchange rate continues to fluctuate substantially due to devaluation of the Lebanese pound caused by acute dollar shortages within Lebanon. [26] This dollar shortage also caused 785 restaurants and cafes to close between September 2019 and February 2020, and resulted in 25,000 employees losing their jobs.
Lebanon's national currency, the Lebanese pound is pegged to the US dollar at £L15,000 to US$1. This fixed rate has been unstable due to the depreciating value of the pound in the black market. According to reports, the pound was trading at £L8,100 to US$1 in 2019 on the black market.
[5] [2] From 2019 to March 2023, the Lebanese pound lost 98% of its value, and withdrawal limits of $400 US have remained in place since 2019. [6] [7] [8] The government was forced to devalue its exchange rate with US currency by 90% in February 2023, though market value had diverged long beforehand. [9]
According to Al Jazeera, the Lebanese pound on Thursday plummeted to a new rate of more than £L7,000 to the dollar on the black market. Following the protests that erupted, President Michel Aoun on Thursday held a national meeting with Lebanon's top politicians, in fear of further escalation of the protests into a civil war. [420] [421]
But the rise of technology has led to an evolved "black market" -- and rather than exotic animals and tangible exports, data like credit card information and even streaming accounts are up for grabs.
The Lebanese and Syrian currencies split in 1948. From 1961, a series of official exchange rates were in operation, alongside a parallel, black market rate which reflected the true market rate for Syrian pounds in Jordan and Lebanon where there was a healthy trade in the Syrian currency.
Lebanese Pound LBP Reserves: $14.7 billion: Bank rate: 2.75%: ... The local lenders were given interest rates higher than international market rates in return ...