Banks burn in Lebanon as exchange rate falls to historic low

Lebanese banks were already on strike and the government’s interventions have failed to alleviate the economic crisis.
A Lebanese protester flashes the V-sign for victory and shouts slogans as others vandalise banks in Beirut on February 16, 2023, one day after the Lebanese pound hit a record low against the dollar on the black market. - The country's grinding political and economic crises shows no signs of abating as the pound has lost more than 95 percent of its value against the greenback since the start of the economic collapse in 2019. (Photo by JOSEPH EID/AFP via Getty Images)
A Lebanese protester flashes the V-sign for victory and shouts slogans as others vandalize banks, one day after the Lebanese pound hit a record low against the dollar on the black market, Beirut, Lebanon, Feb. 16, 2023. - Joseph Eid/AFP via Getty Images
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Adam Lucente
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People burned several banks in Lebanon on Thursday as the local currency fell to a new all-time low against the dollar. 

What happened: The Lebanese pound fell to a historic record low of 80,000 against the dollar on Thursday, according to the Lira Rate website. 

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