Lebanese pound sinks to new low amid absence of crucial reforms-Xinhua

Lebanese pound sinks to new low amid absence of crucial reforms

Source: Xinhua

Editor: huaxia

2023-02-14 20:45:47

People exchange money at a foreign exchange office in Beirut, Lebanon, on Feb. 14, 2023. The Lebanese pound on Tuesday sank to a new record low of 74,000 against one U.S. dollar on the parallel market, Elnashra news website reported. (Xinhua/Liu Zongya)

BEIRUT, Feb. 14 (Xinhua) -- The Lebanese pound on Tuesday sank to a new record low of 74,000 against one U.S. dollar on the parallel market, Elnashra news website reported.

The Lebanese pound continued its tumble after registering a previous record low of 53,700 pounds against one U.S. dollar on Jan. 24.

Lebanese experts have repeatedly urged Lebanese authorities to take quick actions to stop the collapse of the Lebanese pound, which has lost more than 96 percent of its value in the past three years.

One of the measures is for the central bank of Lebanon to immediately stop the printing of Lebanese pounds, according to Patrick Mardini, president of the Lebanese Institute for Market Studies.

Lebanon has been suffering from a steep financial crisis, and the country has so far failed to implement structural reforms to start the recovery process.

 

A teller counts banknotes at a foreign exchange office in Beirut, Lebanon, on Feb. 14, 2023. The Lebanese pound on Tuesday sank to a new record low of 74,000 against one U.S. dollar on the parallel market, Elnashra news website reported. (Xinhua/Liu Zongya)

A man walks out of a foreign exchange office in Beirut, Lebanon, on Feb. 14, 2023. The Lebanese pound on Tuesday sank to a new record low of 74,000 against one U.S. dollar on the parallel market, Elnashra news website reported. (Xinhua/Liu Zongya)

People exchange money at a foreign exchange office in Beirut, Lebanon, on Feb. 14, 2023. The Lebanese pound on Tuesday sank to a new record low of 74,000 against one U.S. dollar on the parallel market, Elnashra news website reported. (Xinhua/Liu Zongya)