on Thursday 19 January, 2023
Lebanese pound sinks to record low of 50,000 pounds to US dollar
A money exchange vendor displays Lebanese pound banknotes at an exchange shop in Beirut, March 23, 2022. (Reuters)
The Lebanese pound on Thursday hit a new record low of 50,000 pounds per US dollar, currency exchange dealers told Reuters, marking a loss in value of more than 95 percent since the country’s financial system imploded in 2019.
The pound was pegged to the dollar at a rate of 1,507 in 1993, a peg that held until 2019, when decades of profligate spending, mismanagement and corruption triggered a financial crisis.
The largest bill in circulation, the 100,000 pound note formerly worth $67, is now worth just $2.
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