Lebanese currency hits all-time low amid financial crisis, political deadlock

A teller arranges stacks of Lebanese pound banknotes at a foreign exchange office in Tripoli, Lebanon, on March 14, 2023. The Lebanese currency on Tuesday collapsed to 100,000 Lebanese pounds (LBP) per dollar for the first time in history as the country's financial crisis and political deadlock linger on. (Photo by Khaled Habashiti/Xinhua)

BEIRUT, March 14 (Xinhua) -- The Lebanese currency on Tuesday collapsed to 100,000 Lebanese pounds (LBP) per dollar for the first time in history as the country's financial crisis and political deadlock linger on.

The value of the Lebanese currency lost 8,000 pounds from two weeks ago when it stood at 92,000 pounds against the dollar.

In 1997, the pound was pegged to the dollar at 1,500 LBP to 1 U.S. dollar, and the two were convertible until October 2019.

On Feb. 1, the Central Bank of Lebanon shifted its long-standing official exchange rate from 1,507.5 LBP to 15,000 LBP against the dollar, but is still well below the real value of the dollar.

Lebanon's economists have been calling on authorities to elect a new president and form a new cabinet to end the political deadlock and allow the country to implement necessary reforms and stop the collapse.

A man walks past a closed bank in Tripoli, Lebanon, on March 14, 2023. The Lebanese currency on Tuesday collapsed to 100,000 Lebanese pounds (LBP) per dollar for the first time in history as the country's financial crisis and political deadlock linger on. (Photo by Khaled Habashiti/Xinhua)

A teller uses a bill counter to count Lebanese currency at a foreign exchange office in Tripoli, Lebanon, on March 14, 2023. The Lebanese currency on Tuesday collapsed to 100,000 Lebanese pounds (LBP) per dollar for the first time in history as the country's financial crisis and political deadlock linger on. (Photo by Khaled Habashiti/Xinhua)

A man puts stacks of Lebanese pound banknotes into a bag at a foreign exchange office in Tripoli, Lebanon, on March 14, 2023. The Lebanese currency on Tuesday collapsed to 100,000 Lebanese pounds (LBP) per dollar for the first time in history as the country's financial crisis and political deadlock linger on. (Photo by Khaled Habashiti/Xinhua)

Stacks of Lebanese pound banknotes are seen on a counter of a foreign exchange office in Tripoli, Lebanon, on March 14, 2023. The Lebanese currency on Tuesday collapsed to 100,000 Lebanese pounds (LBP) per dollar for the first time in history as the country's financial crisis and political deadlock linger on. (Photo by Khaled Habashiti/Xinhua)