You’ve probably seen the numbers on your screen: 1 USD to Lebanese Lira hovering right around 89,660. For anyone who lived through the chaotic vertical lines of 2023, where the rate jumped thousands of Lira in a single afternoon, this looks like a miracle. It’s calm. It’s steady. It’s also incredibly weird.
Honestly, if you told a Lebanese shopkeeper in 2019 that the dollar would hit nearly 90,000, they’d have laughed you out of the store. Back then, the "1,507" peg was a religion. Now, that old rate is a ghost, and the current stability is more like a controlled explosion that someone managed to freeze in mid-air.
The 89,500 "Plateau" (And why it’s sticking)
Right now, in January 2026, the exchange rate has basically hit a wall. For months, the Banque du Liban (BDL) has managed to keep the Lira from sliding further into the abyss. They’re doing this by sucking up Lira from the market and strictly controlling how much local currency is actually floating around.
It's a "cash economy" now. Simple as that.
If you walk into a grocery store in Beirut today, you’ll see prices in dollars. You pay in dollars. You get change in... well, usually more dollars or a handful of Lira that feel like play money. The economy is roughly 80% dollarized. Because the Lira isn't being used for big transactions anymore, there’s less pressure on it to crash. But don't let the flat line on the chart fool you into thinking the crisis is over.
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The official vs. reality check
Technically, the "official" rate was moved to 15,000 LBP a while back, but nobody uses it. It’s a relic used for specific government accounting that mostly just confuses people. Then you have the Sayrafa rate, which the central bank used to use to bridge the gap. Today, the "Market Rate" is the only one that matters for your wallet.
- Market Rate: ~89,660 LBP (This is what you'll actually get at the OMT or an exchange shop).
- The "Lollar": This is the heartbreaking one. If you have "old" dollars stuck in a Lebanese bank account from before 2019, they are basically trapped. You can only withdraw them in Lira at a massive "haircut," usually around 15,000 LBP. That means your $100 in the bank is actually worth about $16 in the real world.
How did we even get here?
It wasn't one thing. It was everything. Decades of the government spending money it didn't have, thinking the tourism and diaspora dollars would never stop flowing. When the "Ponzi scheme"—as the World Bank famously called it—collapsed in late 2019, the Lira didn't just fall; it evaporated.
By 2023, the currency had lost 98% of its value. Think about that. If you had 100 million Lira in savings in 2019, you were a wealthy person with $66,000. Today? That same pile of paper is worth about $1,115. It's enough to buy a mid-range laptop.
The 2026 Budget and the "Gray List"
Lebanon is currently walking a tightrope. The 2026 draft budget is still leaning heavily on consumption taxes—basically hitting the regular person every time they buy a bag of bread or a liter of fuel. Meanwhile, the country is fighting to stay off international "gray lists" that would make it even harder to move money in and out of the country.
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What most people get wrong about the exchange
People often ask, "If the rate is stable, why is everything still getting more expensive?"
Inflation. It’s a monster. Even if 1 USD to Lebanese Lira stays at 89,000 for a year, the price of goods in dollars is still going up. Lebanon imports almost everything—fuel, wheat, medicine. Global shipping costs and regional tensions (especially the ongoing friction in the south) mean that even if you have "fresh" dollars, your purchasing power is shrinking.
Also, there’s the "Sayrafa" replacement. The BDL has been trying to move toward a more transparent electronic trading platform (often discussed in partnership with Bloomberg), but political bickering keeps pushing it back. Until there’s a real, unified market, the rate is basically whatever the central bank says it is by manipulating the supply.
Practical tips for handling your money in Lebanon
If you're traveling to Lebanon or sending money to family, the rules of the game have changed significantly in the last few years.
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- Fresh is King: Never, ever transfer money into a "legacy" bank account. Only use "Fresh Dollar" accounts or services like OMT (Western Union) and Whish Money. These allow you to pick up hard currency.
- Small Bills: Carry small USD denominations ($1, $5, $10). Since the Lira is so devalued, a $20 bill is a lot of money to break in local currency, and many shops "run out" of change.
- Check the "Lira Rate" Apps: Even though it’s stable now, things change fast. Apps like Addeish or Lira Rate are still the daily gospel for everyone from taxi drivers to CEOs.
- Avoid the Banks: Unless you have a specific "Fresh" account, the banking sector is still largely paralyzed. Most people treat their bank cards like coasters.
What’s next for the Lira?
The "stability" we see now is fragile. It’s held together by high interest rates on the few Lira deposits left and the fact that the central bank is sitting on a modest pile of gold and foreign reserves (about $12 billion, excluding the gold).
But there’s a looming deadline. The May 2026 elections are coming up. Historically, the Lira gets shaky around political transitions. If the government doesn't pass the Financial Gap Law—which is a fancy way of saying "deciding who loses their money"—the IMF isn't coming to the rescue.
Without an IMF deal, this 89,000 rate is just a pause, not a recovery.
Actionable Insights
- For Residents: Keep your savings in "Fresh" USD or physical gold. The Lira is currently a "hot potato"—use it for daily expenses, but don't hold it.
- For Expats: If you are sending money, use cash-out services. Avoid the temptation to "invest" in local Lira-denominated assets just because the rate looks stable; the underlying structural issues (debt and banking collapse) haven't been fixed.
- For Travelers: Budget in USD but pay in Lira for small things if the merchant gives you a fair rate. Most places use the market rate, but always double-check the "calculator" they use at the register.
The Lira’s journey from 1,500 to nearly 90,000 is a cautionary tale of what happens when politics breaks a currency. It’s quiet for now, but in Lebanon, silence is usually just the gap between two storms.