Workers hopeless as Lebanese pound plummets to 50,000 to the dollar – The National

Workers hopeless as Lebanese pound plummets to 50,000 to the dollar – The National

Lebanon's pound plummeted to an all-time low on Thursday, trading at 50,000 against the dollar.

Once pegged at 1,500 against the US currency, it has now lost 97 per cent of its value after economic collapse in 2019 caused by decades of corruption and financial mismanagement.

Hussein, 50, a father of five who works as a technician, said the collapse was “affecting us on every level” including education, health and grocery bills.