Lebanon's Economic Crisis Deepens As Currency Hits A New Record Low

A man counts Lebanese pounds at an exchange shop in Beirut. AP  

Times of Israel/AP: Lebanon currency slumps to new low as economic crisis deepens  

Lebanese pound trading at 30,000 to 1 US dollar on the black market after drastically dropping in value in recent years amid political and financial mismanagement 

BEIRUT, Lebanon — Lebanon’s currency hit a new low on Tuesday, sinking to 30,000 pounds to the dollar on the black market, as an economic meltdown continued with no solution in sight. 

The black market value fell to 20 times lower than Lebanon’s official rate dating back to the start of the economic crisis in late 2019, likely throwing more people into poverty.

The Lebanese currency was pegged at 1,500 pounds to the dollar for 22 years until decades of corruption and mismanagement led to the country’s worst economic crisis in its modern history starting in October 2019. 

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Update #1: Lebanese currency drops to record low (Arab News/AFP)  

Update #2: Lebanese pound drops to record low amid crisis (The National)  

WNU Editor: It is going to take years for Lebanon to recover .... President Aoun: Lebanon needs ‘six to seven years’ to exit crisis (Al Jazeera).

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