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Lebanese currency sinks to a new record low

Lebanese local media reported, the Lebanese pound on Tuesday (May 24) sank to a new historic low on the parallel market amid the country's unprecedented financial crisis.
The Elnashra news website, the exchange rate of the Lebanese pound declined to 34,000 against the U.S. dollar, down from the previously record low of 30,000 against the dollar less than a week ago.
Mahassen Moursel, a researcher in financial crimes, told Xinhua the surging demand for dollars among Lebanese importers triggered the latest plunge of the Lebanese pound.

According to Moursel, Lebanese import companies, facing surging commodity prices in the global market, resorted to buying dollars from the black market to finance their business as commercial banks only supplied them with 20 percent of the needed amounts.
Hezbollah and allies lose majority in Lebanon’s parliament
She added: "Political instability in the country also weighed heavily on the price of the local currency, not to forget the judicial accusations against the central bank governor which led to a loss of confidence in the banking sector."
It should be noted that Lebanon has been facing an unprecedented financial crisis in the past years amid a shortage of the U.S. dollars caused by the political instability and deteriorating economy.
Source: xinhua
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BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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