Lebanese pound value hits record low
With the ongoing decline of the Lebanese pound against the dollar, the economic crisis in Lebanon -one of the world's worst since the 1850s intensifies.
On Thursday, the Lebanese pound declined greatly against the dollar reaching a ranging record low of 35,200LBP for every 1$ and is on a downward spiral.
This record breaks the previous one set in January when the dollar exchange rate hit a record high, reaching 33,500 Lebanese pounds against the dollar, while the official exchange rate of the Lebanese pound has been fixed since 1997 at 1,507 pounds against the dollar.
Since the results of the parliamentary elections got released, the Lebanese pound broke a record high on the black market.
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The Lebanese currency has diminished since the 2019 crisis after it had been fixed at 1,507LBP for every dollar since 1997. As a result of this crisis, the national currency has lost 95% of its market value in about two years.
Lebanon suffers from a deepening economic crisis - one of the world's worst since the 1850s - widely blamed on government corruption and mismanagement, not to mention US meddling in the country.
A full tank of gas now costs more than the minimum monthly wage, electricity is only available for two hours per day, and unaffordable school fees are driving up student dropout rates.
The World Bank now classifies four out of every five Lebanese as poor.