BEIRUT (AP) — Lebanon’s currency hit a new low on Sunday, as the country’s economic and political crisis worsened with no apparent solutions in the near future.
The currency has lost more than 90% of its value since October 2019, when anti-government protests erupted. Inflation and prices of basic goods have skyrocketed in the country, which imports more than 80% of its basic goods.
The U.S. dollar hit 15,300 Lebanese pounds on the black market, a level not seen since March. The official rate still stands at 1,515 pounds to the dollar.
The latest crash comes as the tiny country suffers severe shortages of vital products including fuel and medicine. Electricity cuts last for much of the day and private generator owners have warned they cannot cover the supply deficit of the state-owned power company.