The Lebanese pound fell to an unprecedented level, surpassing $ 24,000 per dollar

The Lebanese currency fell to a new low against the dollar on Thursday, in amid a state of paralysis in the government, while the country’s financial collapse has worsened.

A number of Beirut money changers said the lira stood at around $ 24,200, falling below the lowest level on record in July of around 24,000.

The currency has lost more than 93% of its value since the summer of 2019, when it began to detach itself from the exchange rate of 1,500 pounds per dollar, at which the currency has been pegged since 1997.

Lebanon is recovering from an economic collapse described by the World Bank as one of the worst recessions in modern history.

The crisis is in largely due to decades of corruption and mismanagement by political elites.

Lebanon formed a new government in September led by Najib Mikati, one of its goals is to negotiate an International Monetary Fund program, considered important to release international aid to stem the crisis.

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