Lebanese currency hits record low
Lebanon has been hammered by one crisis after another, starting with the outbreak of anti-government protests against the country’s corrupt political class in October 2019. That has been compounded by the coronavirus pandemic and a massive, deadly blast in Beirut’s port last August.
The dollar was trading at 9,975 Lebanese pounds around noon Tuesday. The previous record was registered in July, when the dollar briefly sold for 9,900 pounds on the black market. The official price remains 1,520 pounds to the dollar.
In neighboring Syria — where the economy has been hit by the 10-year conflict, corruption and Western sanctions — the dollar also hit a record on Monday, reaching nearly 3,900 Syrian pounds. The economies of the two neighboring countries are connected and many Syrians have had their money blocked in Lebanese banks that have implemented harsh capital controls.