Islam Times - Lebanese Pound Falls to New Low of almost 10,000 to US Dollar

Islam Times - Lebanon’s pound tumbled on Tuesday towards 10,000 to the dollar, a record low for a currency battered by a financial meltdown that has fuelled poverty and unrest.

The collapse, on a scale Lebanon has never seen, has slashed about 85% of the currency’s value in a country relying heavily on imports.

The cost of scarce dollars hit 10,000 Lebanese pounds on Tuesday, said three currency dealers on the informal market, a main source of cash since banks stopped dispensing dollars. Two other dealers said earlier the greenback had traded at 9,900.

That makes Lebanon’s minimum wage worth about $68 a month.

Dozens of protesters blocked roads with burning tires in central Beirut, on the road to the airport and near the city of Baalbek. Others shut down a foreign exchange bureau in the southern city of Sidon, local media said.