Lebanon crisis: Currency loses over 90 % of its value as financial meltdown deepens

Lebanon crisis: Currency loses over 90 % of its value as financial meltdown deepens

Lebanon's currency crashed on Sunday reaching a new low against the dollar, as the country's financial meltdown and political deadlock linger. The Lebanese pound was trading at around 15,150 to the dollar, losing over 90 percent of what it was worth in late 2019, when Lebanon's economic and financial crisis erupted.

BEIRUT: Lebanon's currency crashed past a milestone on Sunday reaching a new low against the dollar, as the country's financial meltdown and political deadlock linger.

Market dealers said the Lebanese pound was trading at around 15,150 to the dollar, losing around 90 percent of what it was worth in late 2019, when Lebanon's economic and financial crisis erupted.
Lebanon is in the throes of a deep economic meltdown that is threatening its stability. The World Bank has called it one of the deepest depressions of modern history.
The last time the pound hit a low of 15,000 in March protesters took to the streets across Lebanon for over a week, blocking roads by burning tires.
Foreign reserves, used to fund a subsidy program for basic