BEIRUT, Sept 20 (NNN-NNA) – The Lebanese pound, yesterday, 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.
