Lebanese Economy Crashes to New Lows – In Less Than Two Years Nation’s Curren...
The Lebanese pound dropped to a new low on Sunday against the greenback trading in the low 1,500s range to the U.S. dollar. Lebanon’s currency has been in a downward spiral since 2019, as the pound has lost 90% of its value since then. Reports note that Lebanese citizens are facing shortfalls on basic goods like food and medicine, as attestations say “shortages have been worsening across the board.” Lebanese Pound Sinks to a New Low Against the Greenback, Country’s Monetary System Is Collapsing On Sunday, June 13, 2021, the Lebanese pound (LPB) dropped to 1,501....
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Crypto could prove to be the solution to a country like Lebanon to restore its failing economy. Lebanon’s financial system is fundamentally dysfunctional as a result of decades of mismanagement. Lebanese citizens are increasingly resorting to cryptocurrencies as a means of survival in the face of economic turmoil hounding the country of 6.8 million, according […]
After relative calm for a few months, the Lebanese pound has plunged to an all-time low of 35,600 per dollar, a report has said. The currency’s latest slide is expected to worsen Lebanon’s economic challenges.
Pound Depreciation
In a sign that Lebanon’s ongoing economic crisis is worsening, the black market exchange rate of the Lebanese pound is reported to have plunged to an all-time low of 35,600 against the dollar. According to an Al Jazeera report, it took just two weeks for the pound’s black market exchange rate to drop from 26,800 to the latest....
Living in the chaos of a deep crisis, people in Lebanon have been turning to cryptocurrency, a new media report has confirmed. From earning much needed income through mining and work, to storing wealth and paying in stores, bitcoin, tether and other cryptos have started to push aside the hyperinflated Lebanese pound and the hard-to-get-hold-of U.S. dollar.
Cryptocurrency Becomes Lifeline for Some Lebanese Who Try to Make Ends Meet in Meltdown
With its capital Beirut once called the “Paris of the Middle East,” before the civil war broke out in 1975, and known as an....
Big banks are threatening to ship British jobs overseas and cripple the economy if the nation’s Treasury fails to slow the nation’s exit from the European Union. This would leave Britain under the thumb of Brussels for longer than the nation’s voters have demanded. The outrage has already begun. Two camps arose after the election. One for a quiet exit, and one for a longer term exit. Markets seemed to show power brokers had opted for a longer term exit. That exit is going to only take longer now if the international banks get their way. City of London bankers have warned the UK government....
On February 12, the well known Lebanese-American essayist and risk analyst, Nassim Nicholas Taleb, declared that the leading digital currency bitcoin is a failure, at least for now. Cryptocurrency fans have been upset by Taleb’s recent statements, after it seems the renowned author has done a complete 180 after supporting the crypto asset for years. Nassim Taleb Is Not Impressed With Bitcoin These Days Nassim Nicholas Taleb is a very popular author, mathematical statistician, and scholar. Over the years, Taleb has been very critical of today’s monetary system, the current....