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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.
The official rate was increased by a multiple of 9.95 on 1 February 2023 as per decision of the central bank to reach LL 15,000 per USD. [27] Lebanon's Central Bank's "Sayrafa" rate = LL 86,400 (May 2023). [28] The Sayrafa rate is the rate the central bank redeems international credit and debit card payments.
During the Lebanese Civil War, the Lebanese pound was severely devalued. [1] After the war, which ended in 1990, the Lebanese government pegged the pound to the United States dollar at an official exchange rate of 1,507 pounds per dollar to stabilize its currency. [2]
See today's average mortgage rates for a 30-year fixed mortgage, 15-year fixed, jumbo loans, refinance rates and more — including up-to-date rate news.
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.
Lebanon is a mosaic of various religious factions. It is composed of 18 different sects. The 18 officially recognized religious groups include four Muslim sects, 12 Christian sects, the Druze sect, and Judaism. [26] The outbreak of the protests was attributed to the accumulated crises within the preceding weeks in Lebanon.
Banque du Liban (Arabic: مصرف لبنان; English: Bank of Lebanon) is the central bank of Lebanon. It was established on August 1, 1963, and became fully operational on April 1, 1964. It was established on August 1, 1963, and became fully operational on April 1, 1964.
The DEP issued a Code Orange air quality action day on Tuesday for parts of Pa, Including Lebanon County. Find out more information here.