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BREAKING
President al-Mashat: Our armed forces, represented by our air defenses, will soon turn the Zionist enemy’s aircraft into a subject of ridicule.
President al-Mashat: Good news about the Zionist enemy’s aircraft used in aggression against our country will reach you soon, God willing.
President al-Mashat: Our armed forces will be able to deal with hostile Zionist aircraft without causing any harm to air or maritime navigation.
President al-Mashat: To ensure the safety of airliners, they must avoid navigating along the routes used by the Zionist entity to carry out aggression against our country.
Yemeni President Mahdi al-Mashat: For the safety of air and maritime navigation in areas where our armed forces operate, we have directed that the routes used by the Zionist enemy to attack our country be designated as dangerous.
Hamas official says despite this, Hamas leadership is currently undertaking a thorough review of the new proposal
Hamas official says the response fails to meet any of the just and legitimate demands of our people
Hamas official says it is clear that the Israeli response fundamentally seeks to entrench the occupation
Reuters citing Hamas official: Group received Israeli response to Witkoff proposal
Sources to Al Mayadeen: The news regarding a press conference tonight by the head of the Hamas movement in the Gaza Strip, Khalil Al-Hayya, is false.

Lebanese pound value hits record low

  • By Al Mayadeen English
  • Source: Agencies
  • 26 May 2022 12:41
2 Min Read

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.

  • x
  • This record breaks the previous one reached in January.
    This record breaks the previous one reached in January.

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.

Related News

Lebanese currency hits lowest value ever against US dollar

Lebanese pound hits new record in declining value

Read more: Why are the Lebanese people voting?

 

 

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.

Go deeper:  US diplomat: US-backed Lebanese opposition self-centered, narcissistic

 

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.

  • Lebanon
  • Lebanese pound
  • Economic crisis in Lebanon
  • Dollar
  • US
  • US meddling

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