Current Account in Lebanon
Lebanon - Current Account
The economy is crumbling, with the private-sector PMI falling to a record low in April amid lower output and new orders. The lockdown, which has been extended until 24 May, is hampering domestic activity even though some restrictions have now been lifted, while a recent flare-up of protests is further hurting confidence and political stability. Currency chaos is inflicting further damage: While the pound is still pegged to the dollar at LBP 1,507.5 per USD for essential imports, the parallel rate has plummeted in the last few months, crushing local purchasing power. Moreover, the Central Bank has been limiting access to dollars as parts of gradual efforts to dismantle the peg, generating further uncertainty. In politics, at end-April the government published a rescue plan and announced it was aiming for an IMF bailout, which will be vital to restore economic and financial stability.Lebanon - Current Account Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -17.1 | -20.4 | -22.7 | -23.6 | - |
Lebanon Current Account Chart
Source: IMF.
Lebanon Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1,513 | 0.0 % | Dec 31 |
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Economic News
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Lebanon: Lebanon sinks deeper into the economic abyss as IMF talks stall
June 22, 2020
Economic conditions have deteriorated significantly in recent months amid spiraling inflation, the Covid-19 pandemic and sociopolitical instability, after the country defaulted on its debt for the first time ever in March.
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