Lebanese pound trades at record low of 35,000 to the dollar

A money exchange vendor counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon May 24, 2022. REUTERS/Mohamed Azakir

BEIRUT, May 26 (Reuters) – Lebanon’s pound traded at a record low of more than 35,000 to the dollar on Thursday, according to currency exchange platforms and traders, as divisions within a newly-elected parliament fuel concerns political paralysis will worsen the country’s financial crisis.

The legislature elected on May 15 has yet to hold its first session with major blocs divided over who to elect as speaker of parliament.

The country clinched a provisional agreement with the International Monetary Fund in April but several measures prerequisite to the release of funds, including amendments to banking secrecy regulations and a capital controls bill, have yet to be adopted by parliament. read more