Lebanon’s besieged currency hits new record | Banks News

Lebanon's besieged currency hits new record |  Banks News

The Lebanese pound hit a record low against the US dollar on the black market on Tuesday, a sign of the country’s multiple crises worsening with no prospect of a new government in the near future.

The local currency crash that led to a sharp rise in prices sparked small protests in different parts of Lebanon on Tuesday. The protests saw roads closed with burning tires.

A lack of hard currency has also resulted in delays in the arrival of fuel shipments, resulting in more prolonged power cuts across the country, in some areas reaching more more than 12 hours a day.

Lebanon is one of the only countries on the planet that relies heavily on fuel oil and diesel to generate electricity.

The dollar was trading at 9,975 Lebanese pounds …

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