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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