Lebanon’s currency has hit a record low to the dollar, with 100,000 pounds — the value of the country’s largest banknote — now worth only $1.
The new rate, which became a reality on Tuesday, had been expected in recent weeks as the value of the local currency continued to plummet almost unabated.
Before the country's economic crisis, 100,000 pounds was worth $67.
However, it will now take 10 million pounds — or 100 of the country's largest banknotes — to buy $100, throwing into question the need for smaller denominations such as the 1,000 and 5,000 notes.
Coins have largely become obsolete due to the currency crisis, with 500 and 250 pound coins turned into jewellery and other souvenirs.
Lebanon's currency has been losing value since 2019, when the first symptoms of the economic crisis began to show.
That crisis has since pushed more than 80 per cent of the population into poverty, according to the UN.
Over the past three years, residents have become accustomed to navigating the hardships caused by the economy’s rapid decline and the currency’s seemingly endless plunge.
The small Mediterranean nation is highly reliant on imports. However, most international agents will not accept pounds, forcing importers pay in dollars. This has driven up the cost of several goods and services.
Supermarkets and most shops display prices in dollars, and the majority of the economy has become dollarised — a stark disconnect with the nation’s citizens, most of whom are still paid in the free-falling local currency.
Lebanese salaries have not kept pace with the devaluation of the pound and rampant inflation, leading to the purchasing power of most people being severely reduced.
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Meydan card
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- Particle size: Larger, heavier sand grains
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Dust storm
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- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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Bantamweight 56.4kg
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Baby Driver
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Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James
Three and a half stars
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
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Mica
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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Have a white front-light and a back red-light on their bike
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
