Lebanon currency slips to new low, has lost 95% of value since 2019

By AFP 15 February 2023, 6:59 pm

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Lebanese wait in a line outside a closed petrol station in Beirut's Hamra district on August 20, 2021. (Photo by ANWAR AMRO / AFP)

The Lebanese pound hits a record low against the dollar on the black market, as the country’s grinding political and economic crises show no signs of abating.

The pound has lost more than 95 percent of its value against the greenback since the start of the economic crisis in 2019.

On Wednesday, it was trading over 75,000 to the dollar, compared with 60,000 at the start of the month, according to websites monitoring the exchange rate.

The depreciation has already translated into a surge in fuel prices in a country where 80% of the population lives below the poverty line, according to the United Nations.