Lebanese Mint, Keep, Spend Crypto Amid Crisis, Report Unveils
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....
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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....
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....
Deliberately insufficient policy responses by successive Lebanese governments combined with the self-serving agreements by politicians are largely to blame for the country’s economic crisis, a report by the World Bank has said. The report concludes that the country needs to seriously engage “in the macro-fiscal, financial, and sector reforms the World Bank has been stressing for decades.”
Politicians Defending ‘a Bankrupt Economic System’
In its latest report on Lebanon’s economic situation, the World Bank asserts that the Middle East....
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 […]
Lebanon's central bank governor says the country, whose lira has been in freefall, is preparing to launch a digital currency in 2021. Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis that has engulfed the country.Central bank governor Riad Salameh told a gathering of officials Monday that “We must prepare a Lebanese digital currency project” as a way to shore up confidence in the banking system."As for the monetary supply in the Lebanese market, it is estimated that there are $10 billion....