The Lebanese pound continues its decline that began in the middle of last week on the black market.
For the moment, the parity on the buy on the black market is 17,525 LL / USD and on the sale of 17,575 LL / USD, gradually approaching the fateful threshold of 18,000 LL / USD that it has. already reached 3 weeks ago when the withdrawal of Prime Minister designate Saad Hariri – back in Lebanon after 3 weeks spent in Abu Dhabi – is now being discussed after a meeting with the president of the chamber Nabih Berri.
The deterioration of parity is widely expected and anticipated due to the imminent end of the subsidy program for basic necessities, which should be replaced by a rationing program for the most vulnerable people.
Now the Lebanese pound has lost nearly 90% of its value against the dollar, leading to a significant loss in the purchasing power of the population. Nearly 77% of the population is said to be hungry and more than 30% of children, according to a UNICEF report. The unemployment rate is estimated to reach 43% and more than 65% of the population is currently living below the poverty line.
The World Bank considers the economic and financial crisis currently going through the Land of the Cedars to be in the top 3 of the worst economic crises since the 19th century.
