LEBANON’S CURRENCY LOSES VALUE TO 100,000 LIRA PER US DOLLAR
The Lebanese pound hit a record low against the dollar on the black market on Tuesday, marking yet another sombre turning point in the country’s economic collapse that has engulfed the majority of the populace in poverty.
Dealers reported that the Lebanese pound, which is legally set at 15,000 to the dollar, was trading at 100,000 to the dollar — a startling decline from 1,507 before the economic crisis struck in 2019.
In late January, the currency’s market value was roughly 60,000 to the dollar.
