The Lebanese pound explores new depths. It reached a new low against the US dollar on the black market on Monday.

The drop in the Lebanese currency coincides with the closure of banks, which have been targeted in recent days by a series of robberies by angry customers. According to websites monitoring the exchange rate, the pound was traded at more than 38,500 euros for a greenback in the morning. Officially fixed since 1997 at the rate of 1500 pounds per dollar, the local currency has lost 95% of its value in two years.

Unable to withdraw their dollar money, customers used heists to claim their savings, including several in a single day last week. As a result, the Lebanese Banking Association ordered all branches to be closed for three days starting Monday.