The Lebanese pound on Wednesday continued to plummet against the U.S. dollar on the black market, amid a months-long political deadlock and a failure to form a new government.

The pound is currently trading at 14,950/14,800 to the dollar after its rate hovered between 14,625 and 14,690 late on Monday.

The pound had hit a record low of 15,000 in March on the collapse of efforts to form a new cabinet that would promptly enact economic reforms and begin negotiations with international financial organizations.

The local currency has lost nearly 85% of its value over the past 18 months amid a severe economic and financial crisis that has threatened to destabilize the country.