Nobody Knows What Lebanon’s Currency Is Worth Anymore

Foreign Policy

Money works as a medium of exchange, in part because its value is mutually agreed on in transactions. Lebanon is now reckoning with the economic consequences of when that is no longer true. It has been a long time since Lebanese knew the actual value of their money. There are, at the moment, at least four vastly different exchange rates at which the Lebanese pound (LBP) is exchanged into U.S. dollars (USD). The result is a daily struggle with misery and absurdity.


FULL STORY