Sharjah 24 – Reuters: The Lebanese pound hit a new low against the US dollar on the black market Thursday after a sharp drop that coincided with May 15 parliamentary elections.

According to websites monitoring the exchange rate, the pound crashed below the symbolic threshold of 35,000 to the greenback, a historic low for the national currency.

For decades, the Lebanese pound was pegged to the dollar at 1,500, meaning that it has lost around 95 percent of its value in two years.

The country desperately needs an international rescue package but the required reforms have not been forthcoming.

The exchange rate, which is unofficial but applies to most transactions, had recently stabilised at around 26,000 to the dollar but took a tumble after the latest legislative polls.