Lebanese Pound Hits Historic Low Of 100,000 To Dollar

The Lebanese pound sank to a historic low against the dollar on the parallel market Tuesday, the latest sombre milestone in an economic meltdown that has plunged most of the population into poverty.

Officially pegged at 15,000 to the dollar, the pound was trading at 100,000 against the greenback; a dizzying plunge from 1,507 before the economic crisis hit in 2019.

The currency’s market value was at around 60,000 to the dollar in late January.

The currency plunge has triggered price hikes including on fuel, food and other basic goods, with supermarkets this month starting to price items in dollars.