Lebanon pound plummets to all-time low

The Lebanese pound has hit an all-time low against the dollar amid a deepening economic crisis that has thrown more than half of the population into poverty.

The Lebanese pound had been pegged to the dollar at 1,500 since 1997 but the country’s worst economic crisis since the 1975-1990 civil war has seen its value plummet.

Today, it is trading at nearly 10,000 pounds to the dollar on the black market, money exchangers told AFP.

Before the latest hit, the pound had briefly stabilized at 8,000-8,500 to the greenback in recent weeks.

In July, it had reached 9,800 to the dollar.

The dizzying depreciation came as Lebanon’s central bank started reviewing the country’s banks under international pressure for banking sector reform.

Lebanese banks had been given until Sunday to increase their capital by 20 percent, among a series of demands from the central bank.