Lebanese currency hits all-time low amid financial crisis

Beirut: The Lebanese currency (LBP) has collapsed to 100,000 LBP per US dollar for the first time in history as the country’s financial crisis and political deadlock continues.

The value of the Lebanese currency lost 8,000 pounds from two weeks ago when it stood at 92,000 pounds against the dollar, reports Xinhua news agency.

In 1997, the pound was pegged to the dollar at 1,500 LBP to $1, and the two were convertible until October 2019.

On February 1, the Central Bank of Lebanon shifted its long-standing official exchange rate from 1,507.5 LBP to 15,000 LBP against the dollar, but is still well below the real value of the dollar.

Lebanon’s economists have been calling on authorities to elect a new President and form a new cabinet to end the political deadlock and allow the country to implement necessary reforms and stop the collapse.