https://chrisoncrypto.com/blog/f/lebanese-lira-drops-like-a-stone-loses-50%25-in-10-daysThe Lebanese national currency continues to decline to no value, with the continuing financial crisis, which is not expected to see a relief soon.
Unofficial reports stated that the Lebanese national currency lost 50% of its purchasing power in less than two weeks, and in addition to the chronic poor management of cash, led to the emergence of more than one exchange rate for the Lebanese pound and the emergence of a parallel market for buying and selling at prices that may reach 80% of official prices.
While it's difficult to say the exact exchange rate for Lebanon's, given its official value of $0.00066 to the Dollar since 1997, it's safe to say that chronic monetary mismanagement has led to the emergence of a parallel market. Some reports indicate it has seen its value plummet 86% in just a year.
The accelerating crisis has had a crippling effect on daily activities in the country, as it now prepares for a wave of emigration following its expected re-opening of its borders after covid-19 restrictions are lifted.
the Bitcoin Standard", Saifedean Ammous calculate some numbers from this codes:
2010 one Lebanese lira = 0.67 BTC today 1 lira = 7 Satoshi (Official reports) 1 lira = 1 Satoshi (Parallel market)
On July 2, local crypto advocate and author of "The Bitcoin Standard", Saifedean Ammous, took to Twitter to assert that after “having lost half its value in the last 10 days, the Lebanese lira is now worth one satoshi” — comprising a new low for the currency of about $0.000093.
It is inflation that causes the prices of these currencies to lose their value so quickly
