Lebanon, Egypt, Iran currencies struggle in tough start to 2023

The Lebanese, Egyptian, and Iranian currencies have had tough starts to 2023, coming in as some of the worst performing in the world this year.

The Lebanese pound was dead last, with Iran's rial fifth from the bottom, and the Egyptian pound sixth, business broadcaster CNBC reported.

Lebanon's currency has nosedived by 70 percent from January to March, with the Egyptian pound down nearly 20 percent versus the US dollar.

Egypt's currency had already dropped in value by over 50 percent last year.

Johns Hopkins University applied economics professor Steve Hanke described the "sharp declines" as "nothing new".

"All three currencies are plagued by serious endemic problems," he added.

It comes as Lebanon continues to suffer from a crippling economic crisis that has seen poverty rates skyrocket.

According to the World Food Programme (WFP), six in 10 Lebanese people were "multi-dimensionally deprived" in August last year.

Egypt is suffering from both eye-watering inflation and the effects of Russia's invasion of Ukraine, being a major buyer of wheat from these two countries.

Amid Egypt's economic woes, a new mosque was inaugurated after being built at a staggering price point of 800 million Egyptian pounds ($26 million).

"The heaviest chandelier, the highest pulpit, the biggest mosque… and the [worst] economic collapse," tweeted Egyptian Ehab Farag.

Egypt's economy has been in crisis for more than two years with endemic corruption also blamed for hardships and looking for a bailout to help rescue it.

Syria's currency has also plummeted on the black market from around 50 liras to the dollar in 2011 to roughly 7,500 today.