Lebanon devalues local currency amid economic crisis

BEIRUT, Lebanon (AA) - Lebanon’s central bank on Tuesday depreciated the local currency on Tuesday to trade at 38,000 liras against the US dollar on its Sayrafa exchange platform.

The Sayrafa platform rate sat at 31,200 liras on the last day of trading on Friday.

In a statement, the bank attributed the devaluation to the currency speculations and the smuggling of dollars outside the country, which it said was "causing inflation in the markets."

The dollar traded at more than 47,000 liras on the parallel market on Monday.

The central bank allowed all individuals and companies to apply to banks to carry out operations until further announcement.

On Oct. 25, the central bank suspended the buying of the US dollar on its Sayrafa exchange platform.

The platform was launched in May 2021 to conduct currency buying and selling operations, with a pricing rate to be set based on supply and demand, where the central bank can intervene if required.

Since 2019, Lebanon has been facing a crippling economic crisis that, according to the World Bank, is one of the worst the world has seen in modern times.

*Writing by Ahmed Asmar in Ankara​​​​​​​