Lebanese currency hits record low amid bank closures

The World Bank has branded the financial crisis one of the world's worst since the 19th century.

The Lebanese pound has hit a new low against the US dollar on the black market, a drop that coincides with bank closures this week due to heists by angry depositors. 

The pound sold at close to 38,500 to the greenback on Monday, according to websites monitoring the exchange rate. It had briefly plunged to 38,600 against the dollar on Friday before rising slightly.

The drop in recent days marks a record low for the beleaguered national currency.

For decades, the Lebanese pound was pegged at 1,500 to the dollar, meaning that it has lost around 95 percent of its value since 2019.