Local Currency Hits Record Low as Lebanon's Crises Worsen

W140

The Lebanese pound hit a record low against the dollar on the black market on Tuesday as the country’s political crisis deepens with no prospects of new Cabinet in the near future and foreign currency reserves dwindle further.

The dollar was trading at 9,975 Lebanese pounds around noon Tuesday. The previous record was registered in July, when the dollar briefly sold for 9,900 pounds on the black market. The official price remains 1,520 pounds to the dollar.