The Lebanese Lira’s (pound) market value sank to a new record low against the US dollar on Thursday, as the cash-strapped country plunges further into financial turmoil three years after its economy collapsed.
The pound’s market value fell to over 45,300 to the greenback, according to money exchangers, down from the previous record low of 40,000 on October 14.
The Lebanese pound has been officially pegged at 1,507 to the dollar since 1997, a rate that has not reflected its true market value for years as the currency has been in free fall, with multiple parallel exchange rates coexisting.
Since 2019, Lebanon has been suffering from an unprecedented financial crisis that resulted in the collapse of the local currency.
Hit by intertwined political, economic and health crises, Lebanon’s poverty rate now has risen to more than 74 per cent, according to the World Bank.