BEIRUT, Sept. 2 (Xinhua) -- The Lebanese pound on Friday sank to a new low on the parallel market amid the country's protracted financial crisis, local media reported.
The exchange rate of the Lebanese pound declined to 35,500 against the U.S. dollar, down from the previous record low of 34,250 against the dollar on Aug. 22, reported the Elnashra news website.
Lebanese economist Elie Yachoui attributed the surge in the price of the U.S. dollar to the shortage of U.S. currency reserves at Banque Du Liban, Lebanon's central bank.
"The price of the U.S. dollar is now subject to supply and demand mechanism as the central bank is unable to control the price due to shortage of dollars in the local market," he was quoted as saying by the Elnashra news website.
The Lebanese pound, which has been pegged to the U.S. dollar since 1997, has lost 95 percent of its value since the beginning of the country's financial crisis in 2019. ■
