Lebanon’s currency has hit a record low to the dollar, with 100,000 pounds — the value of the country’s largest banknote — now worth only $1.
The new rate, which became a reality on Tuesday, had been expected in recent weeks as the value of the local currency continued to plummet almost unabated.
Before the country's economic crisis, 100,000 pounds was worth $67.
However, it will now take 10 million pounds — or 100 of the country's largest banknotes — to buy $100, throwing into question the need for smaller denominations such as the 1,000 and 5,000 notes.
Coins have largely become obsolete due to the currency crisis, with 500 and 250 pound coins turned into jewellery and other souvenirs.
Lebanon's currency has been losing value since 2019, when the first symptoms of the economic crisis began to show.
That crisis has since pushed more than 80 per cent of the population into poverty, according to the UN.
Over the past three years, residents have become accustomed to navigating the hardships caused by the economy’s rapid decline and the currency’s seemingly endless plunge.
The small Mediterranean nation is highly reliant on imports. However, most international agents will not accept pounds, forcing importers pay in dollars. This has driven up the cost of several goods and services.
Supermarkets and most shops display prices in dollars, and the majority of the economy has become dollarised — a stark disconnect with the nation’s citizens, most of whom are still paid in the free-falling local currency.
Lebanese salaries have not kept pace with the devaluation of the pound and rampant inflation, leading to the purchasing power of most people being severely reduced.
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ON%20TRACK
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Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
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Zayed Sustainability Prize
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
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First Job: Abu Dhabi Department of Petroleum in 1974
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
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Nov 27, 2020: PM gives speech at leaving party for his staff
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Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
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