November 17, 2021

Lebanese pound drops to new low of 15,150 per dollar

Lebanon’s currency crashed past a milestone on Sunday reaching a new low against the dollar, as the country’s financial meltdown and political deadlock linger.

Market dealers said the Lebanese pound was trading at around 15,150 to the dollar, losing around 90 per cent of what it was worth in late 2019, when the country’s economic and financial crisis erupted.

Lebanon is in the throes of an economic meltdown that is threatening its stability. The World Bank has called it one of the deepest depressions of modern history.

The last time the pound hit a low of 15,000 in March protesters took to the streets across Lebanon for over a week, blocking roads by burning tyres.

Foreign reserves, used to fund a subsidy programme for basic goods including fuel, medicine and wheat, are running out…

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