Lebanon’s Devalued Lira Hits 38,000 Against Dollar on Central Bank Exchange Platform

On Tuesday, Lebanon’s currency took a hit as it was devalued to 38,000 liras against the American dollar on the central bank’s exchange platform Sayrafa.

According to a report from the Turkish news agency Anadolu, the exchange rate was 31,200 to the dollar on Friday.

The Lebanese central bank stated that they made the decision due to concerns about speculation and the smuggling of dollars abroad, which was leading to inflation in the markets.

There are several rates in use in Lebanon, with the official 1,500-lira-to-dollar rate now mostly relegated to disuse amid an economic collapse in the country.

The lira had on Tuesday been going for over 47,000 per US dollar in black-market and exchange-house trading, news agency Reuters said.

Just minutes after the central bank revealed the currency’s devaluation, it was under 43,000, according to traders.

Currently, Lebanon’s population typically relies on black-market currency values.

Lebanon’s economy has been in free fall for three years, with its lira nosediving and the vast majority of the population now pulled into poverty.