The Lebanese currency is falling to an unprecedented level against the dollar

The Lebanese currency plunged towards the level of ten thousand pounds against the dollar, an unprecedented low level for the currency that was affected by a financial collapse that led to widespread poverty and unrest.

The collapse, which reached a level never before witnessed in Lebanon, resulted in the loss of the Lebanese currency, about 85 percent of its value, in a country that relies heavily on imports.

The prices of many consumer goods such as diapers and pills have tripled.

Politicians have failed to agree on a rescue plan since the crisis erupted in 2019 as dollar flows stopped and protests spread across the country.

Two currency dealers in the unofficial market, which became the main source of liquidity after banks stopped exchanging dollars, said that the price of the dollar reached ten thousand pounds today.

Three others said the US currency registered 9,900 lira.

This means that the minimum monthly wage in Lebanon is equivalent to about $ 68.

The currency last hit low levels near 10,000 pounds in the summer of 2020, sparking protests that lasted weeks before a massive explosion in Beirut's port in August destroyed large areas of the capital.

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