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Lebanon Financial Crisis: Banks Torched After Pound Taps New Low Versus the US Dollar

The Lebanese pound’s fall to its lowest ever versus the U.S. dollar, 80,000 to 1, has piled more misery on residents whose local currency-denominated savings have been decimated by inflation.…

Continue ReadingLebanon Financial Crisis: Banks Torched After Pound Taps New Low Versus the US Dollar

Lebanon Inflation Rate Surges to 211%, Economist Steve Hanke Recommends a Currency Board

As political leaders in crisis-hit Lebanon bicker over positions in the yet-to-be-formed government, the country’s runaway inflation rate surged to 211% in May 2022, new data has shown. Economist Steve…

Continue ReadingLebanon Inflation Rate Surges to 211%, Economist Steve Hanke Recommends a Currency Board

Report: Lebanese Pound Exchange Rate Against Dollar Plunges to All-Time Low

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…

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Report: Lebanon Planning to Devalue Currency by 93%, Depositors to Lose $38 Billion

The Lebanese government is reportedly planning to devalue the local currency by up to 93% in a desperate bid to receive funding from the International Monetary Fund (IMF). As part…

Continue ReadingReport: Lebanon Planning to Devalue Currency by 93%, Depositors to Lose $38 Billion