Lebanese pound sinks to file low of fifty,000 kilos to U.S greenback

BEIRUT – The Lebanese pound on Thursday hit a brand new file low of fifty,000 kilos per U.S. greenback, foreign money alternate sellers informed Reuters, marking a loss in worth of greater than 95% because the nation’s monetary system imploded in 2019.

The pound was pegged to the greenback at a price of 1,507 in 1993, a peg that held till 2019, when a long time of profligate spending, mismanagement and corruption triggered a monetary disaster.

The biggest invoice in circulation, the 100,000 pound be aware previously price $67, is now price simply $2.

(Reporting by Timour Azhari; Enhancing by Tomasz Janowski)