The Lebanese pound dropped to a new low on Sunday against the greenback trading in the low 1,500s range to the U.S. dollar. Lebanon’s currency has been in a downward spiral since 2019, as the pound has lost 90% of its value since then. Reports note that Lebanese citizens are facing shortfalls on basic goods like food and medicine, as attestations say “shortages have been worsening across the board.”
Lebanese Pound Sinks to a New Low Against the Greenback, Country’s Monetary System Is Collapsing
On Sunday, June 13, 2021, the Lebanese pound (LPB) dropped to 1,501 against the U.S. dollar or 0.00066 LBP per USD. The country’s economic crisis which started in 2019 has continued to wreak havoc on the Lebanese economy.
Essentially, the Lebanese government overspent reserves, leveraged foreign aid, and “balanced its books with tourism receipts” after the…