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Bundles of Lebanese pound banknotes, their value now drastically reduced. The Lebanese liquidity crisis is an ongoing financial crisis affecting Lebanon, that became fully apparent in August 2019, and was further exacerbated by the COVID-19 pandemic in Lebanon (which began in February 2020), the 2020 Beirut port explosion and the Russian invasion of Ukraine.
On 18 March 2023, the value of the Lebanese pound dropped in the free market to LL 111,000 against the US dollar, its lowest value ever. [ 15 ] On 10 May 2021, the Lebanese Central Bank ( BDL ) announced the launch of the "Sayrafa" platform, an electronic platform intended to record all Lebanese Pounds foreign exchange transactions and identify ...
According to reports, the pound was trading at £L8,100 to US$1 in 2019 on the black market. The causes of the pound's depreciation can be traced back to the economy's dependence on imports. Lebanon in 2018 imported US$20 bn worth of goods and exported goods worth only US$3 bn. [ 88 ] [ 63 ] This trade deficit also widened as the remittances ...
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.
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...
The lira was the currency of Italy from its unification until it was merged into the euro in 1999. [2] A unit of currency lira had previously been used in some of the states and possessions that became Italy but their values were not necessarily equivalent.
Using a mechanism known as the "snake in the tunnel", the European Exchange Rate Mechanism was an attempt to minimize fluctuations between member state currencies—initially by managing the variance of each against its respective ECU reference rate—with the aim to achieve fixed ratios over time, and so enable the European Single Currency (which became known as the euro) to replace national ...