Beirut, Lebanon – The black market value of the Lebanese pound has fallen to an all-time low of 35,600 against the US dollar, a drop from 26,800 in the space of just two weeks, and a sign that Lebanon’s economic crisis is set to continue to cripple the country.
The exchange rate is unofficial, but is the one primarily used across Lebanon.
The depreciation of the Lebanese pound has caused a ripple effect, causing even more economic difficulties for the country.
Petrol prices in three weeks surged by almost 25 percent, while the government is expected to soon further roll back medicine subsidies and increase their prices.
Meanwhile, Lebanese authorities continue to implement temporary measures to alleviate wheat shortages....
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