Lebanon's currency hits an all-time low as gridlock continues
Lebanon's currency has set a new record low as the parliament failed yet again to elect a president.
BEIRUT — Thursday marked the lowest recorded exchange rate of the Lebanese pound to the dollar in Lebanon, reaching a whopping 50,000 pounds.
Meanwhile, the Lebanese Parliament failed in its 11th attempt to elect a president on Thursday, leaving citizens feeling even more hopeless.
The Lebanese pound has lost more than 90% of its value since the economic crisis in 2019 when the pound was at 1,500 against the dollar.
Since then, the prices of basic goods have skyrocketed leading to gas and medicinal shortages.
