Lebanon’s pound hits a new low as banks go back on strike

By KAREEM CHEHAYEB
Associated Press

BEIRUT (AP) — Lebanon’s embattled currency has hit a new low, trading at an unprecedented 100,000 Lebanese pounds to the dollar on the black market as the crisis-hit country’s banks went back on strike. The pound has kept sinking since Lebanon’s financial meltdown erupted in 2019, following decades of rampant corruption and mismanagement by the country’s political and financial elite. Three-quarters of Lebanon’s population of over 6 million now lives in poverty and inflation is soaring. The new exchange rate of 100,000 pounds to the dollar was posted on Tuesday on mobile apps used by private exchangers. The official exchange rate remained at 15,000 pounds for $1 but the black market rate is used for nearly all transactions.