BEIRUT — Several roads across Lebanon were briefly blocked by angry protesters as the local currency hit a new record low early on Tuesday, amid the deteriorating economic crisis plaguing the country.

The Lebanese pound, which had been officially pegged to the US dollar at 1,507 pounds since 1990, reached 143,000 to the dollar on the black market in the early morning hours. As of the time of this writing, the currency had again gained some value, trading at about 110,000 to the dollar after the central bank raised the exchange rate on its foreign exchange platform, known as Sayrafa, to 90,000 pounds to the dollar. 

The sharp downfall of the currency comes as the country grapples with its worst economic crisis in decades. Many Lebanese have blamed the political elite — that has been ruling the country since the Lebanese civil war — of years of corruption and economic mismanagement that pushed Lebanon toward the economic and social collapse it is currently facing amid shortages of food, medicine, electricity and fuel.

On Tuesday, the Syndicate of Pharmacists announced the closure of all pharmacies across the country after running out of medications citing the “lack of concern of officials.” Drug importing companies have been withholding medication for two weeks now as they refuse to sell them to pharmacies at the prices fixed by the Ministry of Health. Many Lebanese are already unable to access lifesaving medicine, which has become either too expensive or is no longer available on the market.