The financial crisis continues to get worsen as dollar shortages continue for the third month in a row. Simultaneously, the Lebanese Lira is devaluating against foreign currencies as it reached a record low of hitting 2500L.L for a dollar. This raises great concerns over the continued collapse of the value of the Lebanese currency.
One source assured “Al-Anbaa” that foreign currency deposits especially those in US Dollars are secured within the banks. However, he warned that USD withdrawals might be suspended should we not witness the formation of government that would stem the current crisis.
The source who is a banking expert warned that the US Dollar could reach 3000 Lebanese Pounds if the current political situation persists. Upon the formation of the cabinet however, the price may sink back to 2000 Lebanese Pounds with the possibility of reaching further back to 1750. “There is no way to return to an official rate for the USD in this current economy.”