The Lebanese pound has continued to slump against the dollar on Thursday, hitting a record low of 9,400/9,500 to the dollar in the black market amid concerns of further devaluation.

An unprecedented financial crisis in Lebanon has resulted in severe devaluation of the country’s currency where the pound has lost more than 70% of its value in relation to the US dollar.

This new slump comes as the country is struggling from a scarcity of liquidity which has been further exacerbated by the COVID-19 pandemic.

In parallel, political deadlock is still blocking the formation of a new cabinet as the Lebanese parties continue to bicker over their personal interests.