The Lebanese Lira is under pressure, and the country is taking unprecedented measures to save the currency’s value. The Lira has been pegged at 1500 to $1 USD since 1998. Over the years, concerns over the Lira’s value have continued.
The Lira’s stability has been called into question in the past, particularly in times of political and economic turmoil. Unfortunately, both forms of turmoil have affected the country repeatedly in the past. The situation has grown more dire, however, as more Lebanese people have become concerned over the prospect of the Lira’s collapse. For their part, the central bank has stated that a currency collapse won’t happen. The Central Bank of Lebanon is preventing exchange dealers from making statements in order to prevent panic. Regardless, many in Lebanon are concerned over the Lira’s current situation.
Many Lebanese people are suspicious of the central bank’s reassurances over the state of the national currency. The Lira has not collapsed at the moment, but many fear that if the country’s economic problems are not dealt with, a currency collapse may be coming.
