Thu, 21 Sep 2023

BEIRUT, Sept. 19 (Xinhua) -- The Lebanese pound on Monday sank to a new historic low against the U.S. dollar on the parallel market as the country continues to suffer from a steep financial crisis and political deadlock.

The exchange rate of the Lebanese pound declined to 39,000 against the dollar, down from the previous record low of 36,600 on Sept. 13, Elnashra news website reported.

Mounir Younes, an economist and former editor-in-chief of Al Qabas newspaper in Kuwait, attributed the further collapse of the Lebanese currency to the delay in the formation of a new cabinet and fears of a presidential deadlock upon the end of the term of incumbent President Michel Aoun on Oct. 31.

According to Younes, Lebanese merchants have recently increased their imports to secure big quantities of products ahead of the rise in the customs dollar rate.

"This is why the demand for U.S. dollar increased, which led to a further collapse of the Lebanese pound," he said.

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