Thu, 15 Apr 2021

BEIRUT, Feb. 25 (Xinhua) -- Lebanon ranks among the 10 countries in the world with the lowest minimum wages in light of the collapse of the Lebanese pound to the U.S. dollar, a report said Thursday.

The minimum monthly wage in Lebanon stands at 675,000 Lebanese pound (LBP) (72 U.S. dollars) when calculated at the current market rate of 9,400 LBP for per U.S. dollar, reported the quarterly online magazine The Monthly.

Prior to the current economic crisis, Lebanon's minimum monthly wage stood at 450 U.S. dollars when the U.S. dollar was priced at the old official rate of 1,500 LBP.

Lebanon is followed by Afghanistan, Sri Lanka, Angola, Gambia, Yemen, Malawi, Ethiopia, Eritrea, and Sudan in the ranking of countries with the lowest minimum wages, according to The Monthly.

Lebanon has witnessed over the past year a shortage of its foreign currency reserves, increasing demand for the U.S. dollars and weakening the Lebanese pound to unprecedented levels.

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