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Lebanon Economy News

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Lebanese Lira History

The Lebanese Lira started taking shape in 1924 and settled at around 3 Lira for one USD in the 1960s. In 1981, the dollar started to rise against the Lira, and it exceeded 2,800 Lira in September 1992. After that collapse, the dollar exchange rate began to gradually decline and pegged at the end of year 1998 at an average price of 1,507.5. Twenty years later, in July 2019, the Lira gradually began to rise and reached 2,000. Then it kept increasing to 2,200 and 2,500 to 3,000 and then to 3,800, in April 2020. Nowadays, it’s exceeding 15,000.

Prior to July 2019, the Lebanese Lira was a stable national currency along with a thriving banking sector. However, today the Lira witnessed a deep devaluation. Despite official assurances that the exchange rate is stable and there is no capital control, citizens’ income in lira is losing its value, and their savings in dollars are no longer accessible.