Lebanon’s currency hit a new low on Sunday, as the country’s economic and political crisis worsened with no apparent solutions in the near future.The U.S. dollar hit 15,300 Lebanese pounds on the black market, a level not seen since March. The official rate still stands at 1,515 pounds to the dollar.Electricity cuts last for much of the day and private generator owners have warned they cannot cover the supply deficit of the state-owned power company.Political disagreements between President Michel Aoun and Prime Minister-designate Saad Hariri have delayed the formation of a new government. The crisis is rooted in decades of corruption and mismanagement by the ruling class that has been running Lebanon since 1990 when a 15-year civil war ended.The World Bank said earlier this month that Lebanon’s economic and financial crisis is likely to rank as one of the worst the world has seen in more than 150 years.
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