The Lebanese pound confirmed the drop seen on the black market this weekend despite the closure of official brokers with an exchange rate on the buy of 15,350 LL / USD and the sell of 15,400 LL / USD.
Some observers believe that the increase in the money supply via the withdrawal of Lebanese pounds against foreign currencies at the exchange rate of the Sayrafa electronic platform of the Banque du Liban would largely explain the deterioration in the value of the local currency, in addition of the political crisis which continues while awaiting the Prime Minister designate Saad Hariri to recuse himself due to increasingly critical disputes with the Presidency of the Republic.
As a reminder, the establishment of a new government is however necessary for the relaunch of negotiations with the International Monetary Fund and the implementation of economic, monetary and fiscal reforms deemed essential for the release of international aid, while the crisis that Lebanon is going through is worsening with a poverty rate that could now reach more than 75% of the population.
This crisis would even be one of the 3 most important financial crises since 1850, judged the authors of a World Bank report.
