Source: LBCGroup.tv
Lebanon’s unofficial exchange rate soared to reach 100,000 LBP to the dollar on Tuesday morning; this means the currency lost around 98.5 percent of its pre-crisis value in 2019 in less than four years.
In simple terms, the inflation of goods imported in dollars, disregarding global inflation and other market factors, means that the price of such goods would be 6666% higher in the local currency.
Lebanon’s largest banknote in circulation, the 100,000 LBP bill, which used to be worth around $66.67, is now worth just $1. …