{"id":64745,"date":"2022-05-31T09:00:59","date_gmt":"2022-05-31T09:00:59","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=64745"},"modified":"2022-05-31T09:00:59","modified_gmt":"2022-05-31T09:00:59","slug":"report-lebanese-pound-exchange-rate-against-dollar-plunges-to-all-time-low","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=64745","title":{"rendered":"Report: Lebanese Pound Exchange Rate Against Dollar Plunges to All-Time Low"},"content":{"rendered":"

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After relative calm for a few months, the Lebanese pound has plunged to an all-time low of 35,600 per dollar, a report has said. The currency\u2019s latest slide is expected to worsen Lebanon\u2019s economic challenges. <\/strong><\/p>\n

Pound Depreciation<\/h2>\n

In a sign that Lebanon\u2019s ongoing economic crisis is worsening, the black market exchange rate of the Lebanese pound is reported to have plunged to an all-time low of 35,600 against the dollar. According to an Al Jazeera report, it took just two weeks for the pound\u2019s black market exchange rate to drop from 26,800 to the latest rate. At the time of writing, the pound\u2019s official exchange rate was 1,510 for every dollar.<\/p>\n

The pound\u2019s reported quickfire depreciation has worsened Lebanon\u2019s already difficult economic situation. Also as noted in an Al Jazeera report<\/a>, the currency\u2019s plunge was preceded by a 25% increase in petrol prices. Plans to scrap subsidies \u2014 which in turn can lead to further price increases \u2014 are expected to worsen the plight of the country\u2019s residents.<\/p>\n

While authorities in Lebanon have blamed the rising global inflation, some experts believe domestic reasons are largely to blame for the country\u2019s deteriorating situation.<\/p>\n

One of the experts, financial adviser Michel Kozah, explained: \u201cWhen global prices change, Lebanon is not hit once, but twice. It\u2019s because we cannot protect the value of the Lebanese pound.\u201d<\/p>\n<\/p>\n

IMF Bailout<\/h2>\n

While Lebanon was briefly successful in halting the pound\u2019s slide earlier in the year, the country\u2019s limited resources meant its policy of defending the pound could not be sustained, the report said.<\/p>\n

Meanwhile, one of the country\u2019s newly elected politicians, Mark Daou, is quoted in the report insisting that Lebanon can only escape its present predicament if it institutes reforms.<\/p>\n

\u201cFinancial reforms like capital controls, banking secrecy, judicial independence and a few others are fundamental for regaining trust and stabilising the markets,\u201d Daou explained.<\/p>\n

The politician added that the country needed to implement the reforms as this was the only way it can qualify for an International Monetary Fund (IMF) financial bailout.<\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

After relative calm for a few months, the Lebanese pound has plunged to an all-time low of 35,600 per dollar, a report has said. The currency\u2019s latest slide is expected to worsen Lebanon\u2019s economic challenges. Pound Depreciation In a sign that Lebanon\u2019s ongoing economic crisis is worsening, the black market exchange rate of the Lebanese […]<\/p>\n","protected":false},"author":2,"featured_media":64746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-64745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/64745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64745"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/64745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/64746"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}