Sunday , May 9 2021

From 2.3 pounds to 15,000 pounds and how far?



Information International has prepared a report on the development and price increases of the US dollar against the Lebanese pound since 1960.

And he stated in his report that in mid-March and in the midst of the political-economic-financial-banking crisis that Lebanon has been witnessing since the end of 2019, the exchange rate of the dollar (and other foreign currencies) against the pound they jumped to unprecedented levels as it approached the dollar. 15,000 lire “.

She said: “We went back to the books and research on the development of the dollar exchange rate against the pound over the last decades and years. By reviewing the evolution of the dollar exchange rate against the pound in recent years 60 years, we find that it has gone through eight stages. “

The report concluded that “here Lebanese are anxiously asking about the future, will the dollar return to £ 1,500 or £ 5,000 or do some people believe it will reach £ 20,000 or £ 50,000 or more? Questions that remain unanswered because there is no has rather economic answers. “Rather, political answers are not available.”

The report said:

In mid-March and amid the political-economic-financial-banking crisis that Lebanon has been witnessing since late 2019, the exchange rate of the dollar (and other foreign currencies) against the pound jumped to a precedent high levels as the dollar reached 15,000 pounds. The elders returned with memories of the past and returned to books and research on the development of the dollar exchange rate against the pound over the past decades and years.

Dollar / pound: eight stages

In reviewing the evolution of the dollar exchange rate against the pound over the past 60 years, we realize that it has gone through eight stages:

The first stage: 1960-1981 The strength of the lyre and price stability
The period between 1960 and 1981 was marked by the strength and stability of the exchange rate of the lira against the dollar.

1960 -> 3.08 Lira / dollar
1964 -> 3.08 lira / dollar
1965 -> 3.06 lira / dollar
1975 -> 2.30 Lira / dollar
1981 -> 4.3 lire / dollar

The second stage: 1982-1985 the beginning of the climb
This period was marked by the beginning of the rise of the dollar exchange rate against the lira.

1982 -> 4.7 lire / dollar
1983 -> £ 4.52 / dollar
1984 -> 6.51 Lira / dollar
1985 -> 18.1 Lira / dollar

The third stage: 1986-1992 The great ascent
This period was marked by a significant increase in the dollar exchange rate against the lira, as shown in the table below. The dollar exchange rate against the pound rose from 87 lira at the end of 1986 to 2,825 lira (3,000 lira in September 1992).

A table showing the evolution of the dollar exchange rate during the years 1986-1992.

Fourth stage: retirement 1993-1998
This stage was marked by a drop in the dollar exchange rate from 2,825 pounds to 1,508 pounds, as shown in the table below.

Source: Bank of Lebanon

Fifth stage: 1999 – October 2019: stability
During this long period, the dollar exchange rate stabilized at 1,505 pounds (1,515 pounds), averaging 1,507.5.

The sixth phase: October 2019 – December 2019: the beginning of the climb
As the dollar exchange rate rose to £ 2,000.

The seventh stage: January 2020 – January 2021: The big climb
And it increased during this period from 2,000 to about 8,500 pounds, according to the following.

January 2020 -> 2,000-2,400 pounds / dollar
February 2020 -> 2,200-2,500 TL / USD
March 2020 -> 2,400-2,750 TL / USD
April 2020 -> 2,800-3,800 lire / USD
May 2020 -> 3,500-4,250 pounds / USD
June 2020 -> 5,500-7,200 TL / USD
July 2020 -> 7,500-8,000 Lira / USD
August 2020 -> 8,000 SYP / USD
September 2020 -> 7,500-8,200 Lira / USD
October 2020 -> 6,500-8,500 LBP / USD
November 2020 -> 7,250-8,000 pounds / USD
December 2020 -> 7,200-8,000 pounds / USD

The eighth stage: January – March 2021: The Great Depression
During the first months of 2021, the exchange rate of the dollar continued to rise against the pound and approached 15,000 pounds, which represented a major collapse of the Lebanese pound.

January 2021 -> 8,500-9,000 lire / USD

February 2021 -> 9,000-9,500 Syrian pounds / USD

March 2021 -> 9,500-15,000 Lira / USD

Here, Lebanese ask anxiously about the future, will the dollar return to £ 1,500 or £ 5,000, or are there people who believe it will reach £ 20,000 or £ 50,000 or more?

Questions that go unanswered because there are no economic answers, rather there are no political answers.


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