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Lebanese lira sinks to unprecedented depths against US dollar

The Lebanese pound hit a new low against the U.S. dollar on the black market Friday, as it crashed below 35,000, reaching 35,500.

For decades, the Lebanese pound was pegged to the dollar at 1,500.

A financial crisis widely blamed on government corruption and mismanagement has caused the worst economic crisis in Lebanon's history and the crash of its currency, which has lost around 90 percent of its black market value.

The World Bank has branded the financial crisis one of the worst since the 19th century while the United Nations now considers four out of five Lebanese to be living under the poverty line.

Source: Nahanret.com

 
Written by The Levant

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