BREAKDOWN: The Tragedy of Lebanon’s Currency Devaluation
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 4 February 2023
⏱️ 14 minutes
🧾️ Download transcript
Summary
While the official exchange rate is down 90%, the black market is still trading at less than 25% of the official rate.
This week, the Lebanese pound (or lira) was devalued from 1,500 lira per U.S. dollar to 15,000 lira per USD. At the same time, the black market price of a dollar is 64,300 lira. In this episode, NLW gives the story behind the headlines and tweets, and explains why the World Bank calls Lebanon one of the worst economic crises in the last 150 years.
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Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Malcolm P Chapman/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:45.6 | That's audible.com slash Wondery UK. |
| 0:53.8 | Welcome back to The Breakdown with me, NLW. |
| 0:59.0 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 1:04.9 | The breakdown is produced and distributed by CoinDesk. |
| 1:10.1 | What's going on, guys? |
| 1:11.2 | It is Saturday, February 4th, and that means it's time for the weekly recap. |
| 1:16.0 | A quick note before we dive into today's show, there are two ways to listen to the |
| 1:19.7 | breakdown. |
| 1:20.6 | You can hear us every day on the Coin Desk podcast network feed, which comes out in the |
| 1:23.9 | afternoon and is featured alongside other great Coin Desk shows, or you can listen on the breakdown-only feed, which comes out a few hours later in the afternoon and is featured alongside other great coin desk shows, or you can listen |
| 1:27.7 | on the breakdown-only feed, which comes out a few hours later in the evening. Wherever you're listening, |
| 1:32.1 | if you would take the time to leave a rating or a review, I would so appreciate it as it makes a |
| 1:36.2 | huge difference in new people finding the show. All right, friends, well, if you have been on |
... |
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