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The Lebanese pound fell to an unprecedented level, exceeding 24 thousand to the dollar

 The Lebanese currency fell to a new low against the dollar today, Thursday, amid a state of paralysis in the government, as the country's financial collapse worsened.

A number of currency exchangers in Beirut said that the lira amounted to about 24,200 to the dollar, falling below the lowest level ever at about 24,000 recorded in July.

The currency has now lost more than 93% of its value since the summer of 2019, when it began breaking away from the exchange rate of 1,500 pounds to the dollar, at which the currency has been pegged since 1997.

Lebanon is reeling from an economic meltdown described by the World Bank as one of the worst recessions in modern history.

The crisis is largely due to decades of corruption and mismanagement by political elites.

Lebanon formed a new government in September headed by Najib Mikati, one of its aims to negotiate an International Monetary Fund program, which is seen as important to release international aid to stem the crisis.


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