Lebanon’s pound tumbled on Tuesday towards 10,000 to the dollar, a record low for a currency battered by a financial meltdown that has fuelled poverty and unrest.
The collapse, on a scale Lebanon has never seen, has slashed about 85% of the currency’s value in a country relying heavily on imports.
The cost of scarce dollars hit 10,000 Lebanese pounds on Tuesday, said three currency dealers on the informal market, a main source of cash since banks stopped dispensing dollars. Two other dealers said earlier the greenback had traded at 9,900.
That makes Lebanon’s minimum wage worth about $68 a month.
Source: Reuters