Banks burn in Lebanon as exchange rate falls to historic low - AL-MONITOR: The Middle Eastʼs leading independent news source since 2012

Adam Lucente

Adam Lucente

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

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.

At least six Beirut banks were set on fire Thursday in response to the currency’s fall, the Lebanese news outlet L’Orient Today reported.

LBCI, another Lebanese news outlet, obtained footage of two banks in Beirut burning.

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