Historic Decline: Lebanese Lira Reaches 30,000 Against the Dollar

The exchange rate of the Lebanese lira fell to its lowest level ever today, "Tuesday," exceeding 30,000 lira per dollar, amid an unprecedented economic crisis in Lebanon since 2019. According to the most used websites and mobile applications for tracking the black market exchange rate, the Lebanese lira was traded on Tuesday evening for more than 30,000 to the dollar. The official exchange rate of the Lebanese lira has been fixed since 1997 at 1,507 lira to the dollar; however, the market value of the national currency has dropped by more than 95% over the two years of the economic crisis. The minimum wage has fallen to less than $23, while prices of fuel and many essential goods—no longer subsidized by authorities—continue to rise. According to the United Nations, four out of five Lebanese now live below the poverty line, marking a rapid impoverishment largely attributed to inflation exceeding 100%. This latest decline adds to the numerous issues facing the government headed by Najib Mikati, which has not convened any meetings since October 12 due to political disagreements among its members. On social media, there were calls on Tuesday for a protest on Saturday in front of the central bank in Beirut in response to the collapse of the lira and the deteriorating economic conditions.