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.
#BREAKING: Lebanese pound hits historic low of 100,000 to the dollar https://t.co/ymqGYQW95H pic.twitter.com/MxnbycAmdA— Arab News (@arabnews) March 14, 2023
The Lebanese pound lost 97 percent of its value since 1998, when it was pegged at 1,505 pounds to the U.S. dollar.
Lebanon's highest denominated banknote is now only worth $1, after the national currency dropped to a record low of 100,000 pounds per dollar.— Omar Tamo (@OmarTamo19) March 14, 2023
The Lebanese pound is this year’s worst performing currency in the world, according to Bloomberg data. pic.twitter.com/17OIeOSH1H
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.
JUST IN: Lebanese pound hits historic low of 100,000 to the dollar, as per money exchangershttps://t.co/cVLCR1m5zb— Insider Paper (@TheInsiderPaper) March 14, 2023
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.
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