Freefalling Lebanon currency hits new low

BEIRUT: Lebanon’s currency hit a new low against the dollar on the black market Tuesday, continuing its free fall in a country gripped by political deadlock and an economic crisis.

The latest plunge means the Lebanese pound has lost almost 90 percent of its value on the informal market in just 18 months.

The Lebanese pound has 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 unofficial value plummet.

The slide has picked up speed over the past two weeks, with the exchange rate soaring from 10,000 Lebanese pounds to the dollar on March 2 to around 15,000 on Tuesday.

Three money changers said they were buying dollars for 14,800 to 14,900 Lebanese pounds, while a customer told AFP they had sold the foreign currency at 15,000 pounds to the dollar.