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Economy Lebanon

Lebanese Pound: 5th Weakest Worldwide

This Is Beirut

14 Jun 2023 at 18:23

The Lebanese pound is the fifth weakest currency in the world, with a conversion rate of one pound for USD 0,000067.

Forbes Advisors, a global platform for personal finance advice, published a list of the least valuable currencies in the world based on their value compared to the US dollar. The ranking is based on the Open Exchange data as of May 26, 2023. Lebanon ranks fifth with a conversion rate of one pound to USD 0,000067.

Last March, the Lebanese pound reached a record level of depreciation against the US dollar (LBP 145,000 to USD 1) before stabilizing at LBP 95,000. This depreciation is accompanied by a dismal economic context, historically high unemployment, a banking crisis, soaring inflation, and political chaos.

The list of weakest currencies is topped by the Iranian rial, followed by the Vietnamese dong, the Laotian kip, the Sierra Leonean leone, the Lebanese pound, the Indonesian rupiah, the Uzbek som, the Guinean franc, the Paraguayan guarani, and the Ugandan shilling.