Lebanese Pound (LBP) to US Dollar (USD) Exchange Rate History for 2024

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The year 2024 marked a period of extreme volatility and economic contraction for the Lebanese Pound (LBP) against the US Dollar (USD). Once relatively stable, the LBP has faced a prolonged depreciation due to deepening financial crisis, political instability, and lack of structural reforms in Lebanon. This article provides a comprehensive overview of the LBP to USD exchange rate history throughout 2024, analyzing key trends, monthly fluctuations, and underlying economic factors.

Key Exchange Rate Highlights in 2024

At the beginning of 2024, the Lebanese Pound showed signs of relative strength compared to later months. The highest exchange rate of the year was recorded on February 14, 2024, when 1 LBP = 0.00006674 USD. However, this stability was short-lived.

A dramatic devaluation occurred just days later. Starting February 22, the rate plunged to around 0.00001117 USD, marking an immediate drop of over 83%. For the remainder of 2024, the exchange rate stabilized within a narrow band between 0.00001113 and 0.00001121 USD, with only minor daily fluctuations.

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This represents an overall decline of approximately 83.17% in the value of the Lebanese Pound against the US Dollar during 2024, reflecting continued loss of confidence in Lebanon’s domestic currency.

Monthly Breakdown of LBP to USD Exchange Rates

January 2024: Relative Stability

January began with exchange rates hovering near 0.00006635 to 0.00006667 USD. The average rate for the month was 0.00006652 USD, indicating temporary equilibrium before the sharp drop.

Despite inflationary pressures, no major policy changes or market shocks occurred during this period.

February 2024: The Crash

February witnessed the most dramatic shift. Rates remained consistent through mid-month until February 22, when the value of the LBP collapsed overnight to approximately one-sixth of its previous level.

This sudden devaluation signaled a major adjustment in informal market pricing, likely driven by increased demand for hard currency and reduced trust in local banking mechanisms.

March to December 2024: New Normal

From March onward, the exchange rate settled into a new range between $0.00001113 and $0.00001121 per LBP, with negligible variation across all subsequent months.

This consistency indicates that the foreign exchange market had adjusted expectations, accepting the drastically reduced value of the Lebanese Pound.

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Understanding the Collapse: Economic Context

The dramatic fall in the LBP’s value cannot be understood without context. Lebanon has been enduring a severe economic crisis since 2019, characterized by:

In early 2024, hopes for IMF-backed recovery stalled due to lack of government action. As a result, citizens increasingly relied on parallel (informal) markets for USD transactions, where supply-demand dynamics dictated prices more accurately than official rates.

The February crash likely reflected a formal recognition of reality in these black-market rates, which had already been trading at much lower levels for months.

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Frequently Asked Questions (FAQ)

What was the average Lebanese Pound to US Dollar exchange rate in 2024?

The average exchange rate for 2024 was 1 LBP = 0.00001919 USD, heavily influenced by the sharp devaluation in February.

What was the highest LBP to USD rate in 2024?

The highest rate was 1 LBP = 0.00006674 USD, recorded on February 14, 2024, just before the major collapse.

What was the lowest LBP to USD rate in 2024?

The lowest rate was 1 LBP = 0.00001113 USD, observed on August 22, 2024, during a minor dip within the post-crash range.

Why did the Lebanese Pound lose so much value in 2024?

The depreciation resulted from ongoing economic instability, lack of reforms, hyperinflation, and reliance on informal markets where true supply-demand dynamics prevailed.

Is the LBP to USD rate likely to improve in 2025?

Without substantial political and economic reforms, including central bank transparency and IMF program implementation, significant recovery is unlikely in the near term.

How reliable are historical exchange rate data sources?

Reputable platforms aggregate data from multiple providers using verified algorithms. Always cross-check with trusted financial websites that cite transparent methodologies.

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Final Thoughts

The Lebanese Pound’s performance in 2024 underscores the consequences of prolonged economic mismanagement. From a brief period of stability in January to a sudden and massive devaluation in February, followed by stabilization at a fraction of its former value, the LBP's journey reflects deep systemic challenges.

For investors, expatriates, and economists alike, tracking such movements offers critical insights into macroeconomic resilience—or fragility. While the currency may not recover soon, understanding its trajectory helps inform better financial decisions in volatile environments.