According to 961, a bank rate of $1 to LBP8,000 amounted to the freezing of the accounts of Lebanese citizens and the release into the market of a limited supply of U.S. dollars.
A wholesale economic crisis that has buffeted Lebanon for three years has made life difficult for the nation’s business aviation sector, an industry official said on the eve of the MEBAA Show.
Lebanon is experiencing hyperinflation as a result of an ongoing economic crisis since the end of 2019, according to independent news outlet 961, which has tracked the currency’s struggles. On November 28, black market traders in Lebanon were selling the U.S. dollar for LBP40,300 and buying it for LBP40,350.
Before the crisis, the exchange rate was around $1 to LBP1,500. “The Lebanese lira [pound] has lost more than 90 percent of its value,” the website said.
According to 961, a bank rate of $1 to LBP8,000 amounted to the freezing of the accounts of…
