Amazon Quiz (September 9, 2021): In July 2021, which country’s currency lost more than 90% of its value as gas, electricity, food, and medicine are in short supply?
Political unrest and a financial meltdown have caused the Lebanese pound to devalue rapidly in the past few years.
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, according to reports from Reuters.
The financial constraints on the middle eastern country were severely tightened last year as the national capital Beirut experienced one of the worst man-made disasters.
A huge explosion was recorded in the city of Beirut on August 5 last year, which killed more than 200 people and caused heavy infrastructural damage, which is still in recovery mode.
Lebanon has been struggling with economic and infrastructural issues such as prolonged power cuts, devaluation of the currency and fuel shortages, according to reports from CNN.
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