BR100 Increased By (0.43%)
BR30 Increased By (0.38%)
KSE100 Increased By (0.28%)
KSE30 Increased By (0.15%)
BECO 6.04 Increased By ▲ 0.01 (0.17%)
BML 57.97 Increased By ▲ 5.22 (9.9%)
BOP 34.18 Decreased By ▼ -0.07 (-0.2%)
CNERGY 8.21 Increased By ▲ 0.05 (0.61%)
DCL 12.13 Decreased By ▼ -0.21 (-1.7%)
FCCL 54.02 Increased By ▲ 0.13 (0.24%)
FCSC 5.32 Increased By ▲ 0.10 (1.92%)
FFL 18.04 Increased By ▲ 0.01 (0.06%)
FNEL 1.32 Increased By ▲ 0.02 (1.54%)
HUMNL 11.23 Increased By ▲ 0.23 (2.09%)
KEL 8.15 Increased By ▲ 0.04 (0.49%)
KOSM 5.45 Increased By ▲ 0.07 (1.3%)
MLCF 88.89 Increased By ▲ 0.84 (0.95%)
NBP 186.35 Decreased By ▼ -0.13 (-0.07%)
PACE 10.90 Increased By ▲ 0.18 (1.68%)
PAEL 40.60 Increased By ▲ 0.66 (1.65%)
PIAHCLA 26.28 Increased By ▲ 0.11 (0.42%)
PIBTL 17.39 Increased By ▲ 0.07 (0.4%)
PPL 232.60 Decreased By ▼ -0.18 (-0.08%)
PRL 34.90 Decreased By ▼ -0.05 (-0.14%)
PTC 66.80 Decreased By ▼ -0.76 (-1.12%)
SEARL 91.58 Increased By ▲ 0.65 (0.71%)
SSGC 27.20 Increased By ▲ 0.03 (0.11%)
TELE 8.55 Decreased By ▼ -0.02 (-0.23%)
THCCL 64.52 Increased By ▲ 4.39 (7.3%)
TPLP 9.17 Increased By ▲ 0.41 (4.68%)
TREET 24.75 Increased By ▲ 0.21 (0.86%)
TRG 72.80 Increased By ▲ 1.05 (1.46%)
WAVES 10.76 Increased By ▲ 0.78 (7.82%)
WTL 1.27 Increased By ▲ 0.01 (0.79%)
Markets

Lebanese currency hits new record low

Published May 26, 2022 Updated May 26, 2022 01:30pm
By

BEIRUT: The Lebanese pound hit a new low against the US dollar on the black market Thursday after a sharp drop that coincided with May 15 parliamentary elections.

According to websites monitoring the exchange rate, the pound crashed below the symbolic threshold of 35,000 to the greenback, a historic low for the national currency.

For decades, the Lebanese pound was pegged to the dollar at 1,500, meaning that it has lost around 95 percent of its value in two years.

A financial crisis widely blamed on government corruption and mismanagement has caused the worst economic crisis in Lebanon’s history.

The cost of a full tank of petrol now far exceeds the minimum monthly wage, mains electricity comes on barely two hours a day and unaffordable school fees are driving increased student dropouts.

Four out of five Lebanese are now considered poor by the World Bank.

The country desperately needs an international rescue package but the required reforms have not been forthcoming.

The exchange rate, which is unofficial but applies to most transactions, had recently stabilised at around 26,000 to the dollar but took a tumble after the latest legislative polls.

The results brought in a handful of independents who support the spirit of a 2019 protest movement which called for the wholesale ouster of Lebanon’s corrupt and hereditary ruling class.

But they also yielded a more scattered assembly that observers predict could remain stuck in a political deadlock that will further delay any meaningful economic recovery programme.

Comments

Comments are closed for this article.