The Lebanese pound was yesterday at its historic low, even reaching the parity of 30,000 LL / USD to sell and 29,950 LL / USD to buy on the black market.
At the time of this writing, it will take 29,950 LL / USD to get one dollar. In addition, the purchase parity is 29,900 LL / USD, therefore close to its historic low.
This information comes at a time when the political crisis and the paralysis of the current cabinet could delay the implementation of the preliminary reforms necessary for the conclusion of an agreement with the International Monetary Fund. This agreement is essential for obtaining the sums necessary for the revival of the Lebanese economy affected by one of the most serious economic crises since the 19th century, according to the authors of a World Bank report.
This deterioration in the parity between the Lebanese pound and the dollar also induces a sharp deterioration in local purchasing power. Thus, the minimum wage is only 20 USD compared to 450 USD two years earlier. As for the median salary which was around 1000 USD 2 years ago, it is only 50 USD today. This deterioration has led 82% of the population to now live below the poverty line, indicated a UN report, that is to say on less than 4 USD per day.
