Lebanon..dollar sets new record

The Lebanese pound fell against the dollar today, on Friday, having crossed the threshold of 36,000 pounds.

According to black market price tracking websites and mobile phone apps, the price of the dollar ranged from 36,350 to 36,479 Lebanese pounds.

The increase comes after the Lebanese Central Bank stopped allocating the dollar for fuel imports yesterday, Monday, causing gasoline prices to rise by 28,000 Lebanese pounds from yesterday until Tuesday morning.

And under the influence of the Lebanese economic crisis, which the World Bank has ranked among the worst in the world since 1850, the local currency (lira) has lost more than 95% of its value against the dollar and more than 80% of Lebanese are below the poverty line, and the unemployment rate has risen up to about 30%.

Source: RT