Lebanese pound hits record low

ALBAWABA - The troubled Lebanese currency hit a record-low value of 100,000 pounds per one U.S. dollar on the parallel market Tuesday, while banks resumed an open strike.

The Lebanese pound lost 97 percent of its value since 1998, when it was pegged at 1,505 pounds to the U.S. dollar.

The pound has been sliding in the face of political uncertainty in the country. Many Lebanese blame deteriorating economic conditions on mismanagement by the ruling elite and decades of widespread corruption, which culminated in an economic meltdown in 2019.

Now, almost all services and products are priced in U.S. dollars in Lebanon, such as foodstuffs, medicine, gasoline, and even some bills.

Lebanese security is doing little to stop currency manipulation by unlicensed money changers, who use social media, or make home visits to conduct illicit business.