The Lebanese Lira (pound) sank on Monday to a new historic low against the US dollar in the black market.

As of Monday afternoon, black market traders in cash-strapped country were selling the US Dollar for 47,500 LBP and buying it for 47,700 LBP.

Lebanon has been currently experiencing hyperinflation as a result of an ongoing economic crisis since the end of 2019.

The pound has lost more than 95% of its value since 2019, when it was valued at 1,500 just before the country tumbled into an economic meltdown.

Hit by intertwined political, economic and health crises, Lebanon’s poverty rate now has risen to more than 74 per cent, according to the World Bank.

Source: Agencies