News > A financial crash widely blamed on government corruption: Lebanon
A financial crash widely blamed on government corruption: Lebanon
Firstpost | 19/09/2022 05:18 PM | Click to read full article
The Lebanese pound has hit a new low against the US dollar on the black market, a drop that coincides with bank closures this week due to heists by angry depositors.
The pound sold at close to 38,500 to the dollar on Monday, according to websites monitoring the exchange rate. It had briefly plunged to 38,600 against the dollar on Friday before rising slightly. The drop in recent days marks a record low for the beleaguered national currency.