Lebanon currency drops to new low as financial meltdown deepens

BEIRUT: Lebanon's currency crashed past a milestone on Sunday reaching a new low against the dollar, as the country's financial meltdown and political deadlock linger.

Market dealers said the Lebanese pound was trading at around 15,150 to the dollar, losing around 90% of what it was worth in late 2019, when Lebanon's economic and financial crisis erupted. Lebanon is in the throes of a deep economic meltdown that is threatening its stability. The World Bank has called it one of the deepest depressions of modern history.