The value of the Lebanese pound hit an all-time low Thursday, trading at 50,000 to the U.S. dollar, as the country's deeply-divided parliament failed to elect a president for an 11th time.
The cash-strapped country's national currency, once valued at 1,500 to the dollar, has been tanking since late 2019 and has since lost over 90% of its value. The financial crisis has plunged three-quarters of the population into poverty, with millions struggling to cope with some of the world's sharpest inflation. Experts blame the country's entrenched ruling elites for decades of corruption and financial mismanagement.
