BEIRUT, Sept. 13 (Xinhua) — The Lebanese pound on Tuesday slid to a new low against the U.S. dollar as the country continues to suffer from a steep financial crisis, Elnashra news website reported.

The exchange rate of the Lebanese pound declined to 36,600 against the dollar, down from the previous record low of 35,500 on Sept. 2.

Patrick Mardini, president of the Lebanese Institute for Market Studies, attributed the continuous depreciation of the local pound to the central bank’s policy to finance the government deficit and deposit withdrawals at commercial banks.

“As long as the central bank maintains its policy of financing the government and commercial banks, the local currency will continue to depreciate,” he said.

Mardini said that the central bank could try to put some more limits on withdrawals, but these policies would only work for a short while, and then the dollar will pick up.

“I expect the dollar to continue rising in the long run,” he said. ■

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