Lebanese currency drops to record low after sharp rate alteration

The Lebanese currency dropped to an all-time low on the parallel market on Wednesday, hitting 77,000 pounds per U.S. dollar.

It registered a previous record low of 50,000 versus the dollar on Jan. 19, the L'Orient Today news website reported.

The accelerated collapse of the Lebanese pound in the past two weeks came after the fixed official exchange rate was amended to 15,000 Lebanese pounds per dollar from 1,507.5 pounds -- a rate that had lasted for decades, depreciating by more than 90 percent.

Demonstrators closed roads across Lebanon, calling for stabilized prices and improved living standards, resulting in severe traffic jams.

Several taxi drivers blocked the road near the Interior Ministry in Beirut to protest the country's deepening crisis, the National News Agency reported.

Without a president or fully-empowered government, Lebanese authorities are stalling the reforms needed to stem the country's economic and financial collapse and receive a potential International Monetary Fund loan.