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The devaluation of the Lebanese currency: From 2019 to 2023

News Bulletin Reports

2023-03-14 | 12:21

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The devaluation of the Lebanese currency: From 2019 to 2023

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The devaluation of the Lebanese currency has resulted in significant losses in value over the years.

In November 2019, the Lebanese pound dropped from 1,500 to 2,000 against the US dollar, resulting in a 25% loss of value.

The devaluation continued, with the exchange rate reaching LBP 15,000 to the dollar in June 2021, causing the lira to lose 90% of its value.

By July 2022, the exchange rate had hit LBP 30,000 to the dollar, resulting in a 95% loss of value for the pound.

However, the difference in the exchange rate between LBP 30,000 and LBP 100,000 was significant, while the increase in the loss of the lira's value was only 3.5%.

At an exchange rate of LBP 100,000 to the dollar, the pound had lost 98.5% of its value.

If this rate were to reach LBP 500,000, the loss in value would only increase by 1.2%, resulting in a total loss of 99.7%.

Thus, the national currency has already lost value, and its continued collapse will have a limited significant effect.

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