lebanese pound – DIGIT INFO

Lebanon Financial Crisis: Banks Torched After Pound Taps New Low Versus the US Dollar

DIGIT — Wed, 22 Feb 2023 06:30:05 +0000

The Lebanese pound’s fall to its lowest ever versus the U.S. dollar, 80,000 to 1, has piled more misery on residents whose local currency-denominated savings have been decimated by inflation. The ongoing strike by banks demanding the passage of capital control legislation has compounded matters for residents. Lebanese Pound Devaluation According to several local media […]

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Lebanon Inflation Rate Surges to 211%, Economist Steve Hanke Recommends a Currency Board

DIGIT — Sun, 26 Jun 2022 07:30:45 +0000

As political leaders in crisis-hit Lebanon bicker over positions in the yet-to-be-formed government, the country’s runaway inflation rate surged to 211% in May 2022, new data has shown. Economist Steve Hanke insists that a currency board is a solution to Lebanon’s currency woes. Black Market in Fuel Driving Inflation The inflation rate in crisis-torn Lebanon […]

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Report: Lebanese Pound Exchange Rate Against Dollar Plunges to All-Time Low

DIGIT — Tue, 31 May 2022 05:30:08 +0000

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’s latest slide is expected to worsen Lebanon’s economic challenges. Pound Depreciation In a sign that Lebanon’s ongoing economic crisis is worsening, the black market exchange rate of the Lebanese […]

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Report: Lebanon Planning to Devalue Currency by 93%, Depositors to Lose $38 Billion

DIGIT — Wed, 09 Feb 2022 19:00:49 +0000

The Lebanese government is reportedly planning to devalue the local currency by up to 93% in a desperate bid to receive funding from the International Monetary Fund (IMF). As part of the plan, a major portion of foreign currency deposits in the banking system will be converted into local currency at different exchange rates. Bailout […]

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Hyperinflation Hits Lebanon: Food Prices Soar 200%, Biggest Crisis Since Civil War

DIGIT — Mon, 27 Jul 2020 03:35:11 +0000

Lebanon has entered hyperinflation, the first country in the Middle East and North Africa to do so. With a 462% annual inflation rate and food prices rising by almost 200% this month, Lebanon has joined Venezuela in hyperinflating. Meanwhile, the Lebanese pound has lost 82% of its value this year. Lebanon in Hyperinflation Lebanon has […]

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