ANL 12.75 Increased By ▲ 0.20 (1.59%)
ASC 12.21 Decreased By ▼ -0.09 (-0.73%)
ASL 13.28 Decreased By ▼ -0.16 (-1.19%)
BOP 8.52 Decreased By ▼ -0.03 (-0.35%)
BYCO 5.99 Increased By ▲ 0.09 (1.53%)
FCCL 17.52 Decreased By ▼ -0.33 (-1.85%)
FFBL 23.99 Increased By ▲ 0.19 (0.8%)
FFL 10.10 Increased By ▲ 0.09 (0.9%)
FNEL 9.23 Decreased By ▼ -0.29 (-3.05%)
GGGL 14.74 Increased By ▲ 0.64 (4.54%)
GGL 26.45 Increased By ▲ 0.09 (0.34%)
HUMNL 5.82 Decreased By ▼ -0.03 (-0.51%)
JSCL 15.00 No Change ▼ 0.00 (0%)
KAPCO 31.65 Increased By ▲ 0.25 (0.8%)
KEL 3.32 Decreased By ▼ -0.05 (-1.48%)
MDTL 2.08 Decreased By ▼ -0.02 (-0.95%)
MLCF 32.45 Increased By ▲ 0.01 (0.03%)
NETSOL 93.80 Decreased By ▼ -0.88 (-0.93%)
PACE 4.05 Decreased By ▼ -0.10 (-2.41%)
PAEL 21.00 Increased By ▲ 0.30 (1.45%)
PIBTL 7.35 Decreased By ▼ -0.05 (-0.68%)
POWER 6.39 Increased By ▲ 0.14 (2.24%)
PRL 12.34 Increased By ▲ 0.05 (0.41%)
PTC 8.62 Decreased By ▼ -0.06 (-0.69%)
SILK 1.19 No Change ▼ 0.00 (0%)
SNGP 38.00 Increased By ▲ 0.16 (0.42%)
TELE 15.62 Increased By ▲ 0.07 (0.45%)
TRG 97.95 Increased By ▲ 4.24 (4.52%)
UNITY 23.00 Increased By ▲ 0.02 (0.09%)
WTL 2.05 Decreased By ▼ -0.02 (-0.97%)
BR100 4,494 Increased By ▲ 6.4 (0.14%)
BR30 17,944 Increased By ▲ 163.8 (0.92%)
KSE100 43,990 Increased By ▲ 143.5 (0.33%)
KSE30 17,119 Increased By ▲ 70 (0.41%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,793
924hr
Pakistan Cases
1,287,703
31024hr
Sindh
477,119
Punjab
443,610
Balochistan
33,514
Islamabad
107,989
KPK
180,471

BEIRUT: The Lebanese pound sank to a new low on the black market Friday, with no end in sight to the economic and political crisis plunging ever growing numbers into poverty.

According to websites monitoring the black market rate, the pound was trading at 25,000 to the dollar, or nearly 17 times less than its official peg value of 1,500.

The new record, topping a previous low of more than 24,000 earlier this week, adds to the troubles of the newly-formed Lebanese government, which has failed to meet for more than a month amid a festering diplomatic crisis with Gulf countries.

Lebanon's much-reviled political barons are also divided over the fate of the judge probing the deadly August 2020 Beirut port blast, which was widely blamed on government negligence and corruption.

With the currency losing more than 90 percent of its value in two years on the black market, the purchasing power of Lebanese is plummeting, and the minimum monthly wage of 675,000 pounds is now worth just $27.

According to the United Nations, four in five Lebanese are now considered poor. The World Bank estimates it may take Lebanon nearly two decades to recover its pre-crisis per capita GDP.

The energy ministry on Friday also raised the prices of petrol, diesel fuel and cooking gas, according to the state-run National News Agency.

Fuel prices in Lebanon are adjusted regularly to reflect fluctuations in the exchange rate. Filling a vehicle's fuel tank now costs more than the minimum monthly wage.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.