Source: Express
Monday 9 September 2024 16:30:31
One country's currency has crashed so much that just one US dollar can now purchase 89,578 of its pounds. Experts say the Lebanese Pound is the weakest currency in the world "by some margin" as it tops a hall of shame of the world's worst performing.
Andrew Michael, an expert at Forbes Advisor, said in a report on the worst performers: "The Lebanese pound is currently, by some margin, the weakest currency in the world when measured against the US dollar.
"One Lebanese pound buys $0.000011. Put another way, this means that $1 is worth 89,578 Lebanese pounds." Lebanon's economy is service-based, but the country also exports food and drinks, metals, some chemicals and precious stones.
But, bordering the Mediterranean Sea, as well as Israel and Syria, its economy has been affected harshly by the wars in Syria and more recently Gaza.