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Post by sevenofnine on Mar 14, 2023 11:28:41 GMT -5
Wow that alot man The Lebanese pound has sunk to a historic low against the US dollar on the country’s parallel market, the latest sombre milestone in an economic meltdown that has plunged much of the population into poverty. The Lebanese pound, officially pegged at 15,000 to the dollar, was trading at 100,000 against the greenback, dealers said on Tuesday – a dizzying plunge from 1,507 before the economic crisis hit in 2019. The currency’s market value was at about 60,000 to the dollar in late January. Despite the gravity of the crisis, the political elite, which has been widely blamed for the country’s financial collapse, has failed to check the currency’s free fall. Since last year, the country has had no president and only a caretaker government, amid persistent deadlock between rival alliances in parliament. www.aljazeera.com/economy/2023/3/14/lebanons-currency-value-plunges-to-100000-against-the-dollar
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