Lebanese pound hits new low as political deadlock persists

Source: SFGate

“The value of the Lebanese pound hit a new low on Thursday, trading at 50,000 to the dollar, as the country’s deeply divided Parliament failed to elect a president for the eleventh time. The cash-strapped Lebanon’s currency, once valued at 1,500 to the dollar, has been tanking since late 2019 and has since lost over 90% of its value. The financial crisis has plunged three-quarters of the population into poverty, with millions struggling to cope with some of the world’s sharpest inflation. Experts blame the country’s entrenched ruling elites for decades of corruption and financial mismanagement. The pound’s plunge comes days after a European judicial delegation from France, Germany, and Luxembourg came to Beirut to interrogate embattled Central Bank governor, Riad Salameh, and a dozen other people, some of them his close associates, in a European money laundering investigation of some $330 million.” (01/19/23)