Lebanon's currency hits new low of 100,000 to US dollar

1. Lebanon Bank Robbery
(File photo: Jordan News)
AMMAN — The Lebanese currency, the lira, reached a new low of 100,000 to the US dollar on Tuesday, according to unofficial market rates used by most of the country. اضافة اعلان

The currency has been continuously depreciating since nationwide anti-government protests began in 2019, followed by the catastrophic Beirut blast and the COVID-19 pandemic in 2020, according to Al-Arabiya.

Fall of the pegged exchange rateEmbattled Central Bank Gov. Riad Salameh had pegged the lira to the US dollar at a rate of 1,500 since the late 90s.

The peg was finally changed last month, but at 15,000 to the dollar, a drastic adjustment that highlighted the country's worsening economic crisis.

A run on banks, coupled with corruption and years of mismanagement by the political elite, has led Lebanon into what the World Bank has dubbed as one of the worst economic crises in history.

Lebanon has had no president and a fully functioning government since November, leaving the country in political disarray.

The situation has been further exacerbated by the shortage of medicine and other staples, forcing over 70 percent of the population into poverty and driving thousands to flee for a better future abroad.

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