Lebanese pound sinks to new historic low against USD

by IANS |

Beirut, Sep 20 (IANS) The Lebanese pound sank to a new historic low against the US dollar on the parallel market as the country continues to suffer from a steep financial crisis and a political deadlock.

On Monday, the exchange rate of the Lebanese pound declined to 39,000 against the dollar, down from the previous record low of 36,600 on September 13, Elnashra news website reported.

Mounir Younes, an economist, attributed the further collapse of the Lebanese currency to the delay in the formation of a new cabinet and fears of a presidential deadlock upon the end of the term of incumbent President Michel Aoun on October 31.

According to Younes, Lebanese merchants have recently increased their imports to secure big quantities of products ahead of the rise in the customs dollar rate.

"This is why the demand for US dollar increased, which led to a further collapse of the Lebanese pound," he said.

In May this year, the Lebanese pound sank to a new historic low when the exchange rate of the currency declined to 34,000 against the US dollar.

Since 2019, Lebanon has been suffering from an unprecedented financial crisis that resulted in the collapse of the local currency.

Hit by intertwined political, economic and health crises, Lebanon's poverty rate now has risen to more than 74 per cent, according to the World Bank.

Latest News
Kharge, Tharoor file nomination for Cong prez poll Fri, Sep 30, 2022, 03:04 PM
Relief for Malayalam actor Sreenath Bhasi as woman journalist withdraws complaint Fri, Sep 30, 2022, 02:58 PM
Bihar heading towards total lawlessness: BJP leader Fri, Sep 30, 2022, 02:51 PM
Calcutta HC division bench upholds CBI probe in Trinamool leader's murder Fri, Sep 30, 2022, 02:42 PM
Inflation in Spain drops to 9% in Sep Fri, Sep 30, 2022, 02:31 PM
Iraq's forex reserves hit record high as oil prices soar Fri, Sep 30, 2022, 02:26 PM
At least 20 people were injured in Balochistan market blast Fri, Sep 30, 2022, 02:17 PM
Jamia student shoots another at Delhi hospital Fri, Sep 30, 2022, 02:15 PM
Faulty oximeter made UP family believe their dead son was alive Fri, Sep 30, 2022, 02:11 PM
Sharjeel Imam gets bail in sedition case, will remain in custody in other cases Fri, Sep 30, 2022, 02:10 PM
Calcutta HC rejects contempt of court petition against ED by Maneka Gambhir Fri, Sep 30, 2022, 12:46 PM
Bharat Jodo Yatra: Rahul arrives in K'taka, Siddaramaiah violates forest rules Fri, Sep 30, 2022, 12:45 PM
Protest in DMK over party hoppers getting plum district level postings Fri, Sep 30, 2022, 12:41 PM
Mohd. Siraj replaces injured Jasprit Bumrah in T20I squad against South Africa Fri, Sep 30, 2022, 12:24 PM
Legends League Cricket: India Capitals defeat Manipal Tigers by seven-wicket Fri, Sep 30, 2022, 12:18 PM