Lebanon currency slips to new low as crisis grinds on

Lebanon currency slips to new low as crisis grinds on

The Lebanese pound on Thursday hit a record low against the dollar on the black market, as the country's grinding political and economic crises show no signs of abating.

The pound has lost more than 95 percent of its value against the greenback since the start of the economic crisis in 2019.

On Thursday morning, it was trading over 80,000 to the dollar, compared with 60,000 at the start of the month, according to websites monitoring the exchange rate.

The depreciation has already translated into a surge in fuel prices in a country where 80 percent of the population lives below the poverty line, according to the United Nations.

In 2021, the Lebanese authorities lifted subsidies on fuel and key products such as wheat and medicines.

In response to the latest price hikes, dozens of taxi drivers on Wednesday blocked the road in front of the interior ministry in Beirut to protest their falling income.

The average fare for a taxi trip is now about $1.30.

"We're strangled by the collapse of the pound," said Rabie Farah, who has been a cab driver for 12 years.

"My income is not enough to even buy fuel," said the 33-year-old. "Rent for my house is $300, let alone food and