the national currency at its lowest

the national currency at its lowest
the national currency at its lowest

The Lebanese pound hit a new black market low on Wednesday, accelerating the steep fall in wages in the country.

According to specialized sites, the Lebanese pound was worth 24,000 to the dollar, 16 times less than its official value of 1,500. This is a new record, with the lowest rate recorded in July.

The national currency had appreciated with the formation, in September, of a government after 13 months of political blockage.

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It has lost more than 90% of its value against the dollar since the start of the country’s economic and financial collapse in the fall of 2019.

Four in five Lebanese now live below the poverty line, according to the UN, an accelerated impoverishment in particular by triple-digit inflation.

In Lebanon, the minimum wage is now worth less than $ 30, while the authorities, after fully lifting fuel subsidies, have gradually reduced those on drugs and flour.

(With MAP)

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