The Lebanese currency falls to a new low

The Lebanese currency plunged from an important level and recorded a new low price against the dollar on Sunday, with the continued financial collapse and political crisis in the country.

Dealers in the market said that the Lebanese pound is trading at about 15,150 pounds to the dollar, to lose about 90 percent of its value in late 2019, when the financial and economic crisis erupted.

Lebanon is suffering a violent economic collapse that threatens its stability, and the World Bank described the crisis as the deepest depression in modern history.

The last time the lira plunged to 15,000 against the dollar was in March, when protests erupted in the streets of Lebanon for more than a week and roads were blocked with burning tires.

Foreign reserves used in the program to subsidize basic commodities such as fuel, medicine and wheat are depleted, and commodity shortages have generally worsened in recent weeks.

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