BEIRUT: The Lebanese pound sank to a new low on the black market Friday, with no end in sight to the economic and political crisis plunging ever growing numbers into poverty. According to websites monitoring the black market rate, the pound was trading at 25,000 to the dollar, or nearly 17 times less than its official peg value of 1,500.
The new record, topping a previous low of more than 24,000 earlier this week, adds to the troubles of the newly-formed Lebanese government, which has failed to meet for more than a month amid a festering diplomatic crisis with Gulf countries.
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