Lebanon: economic crisis, historic record for local pound

Popular protests from Beirut to Bekaa, from Tripoli to Sidone

02 March, 17:30

    (ANSAmed) - BEIRUT, 02 MAR - The worrisome devaluation of the Lebanese pound to the US dollar hit a new record Tuesday, with an exchange rate of one US dollar to 10,000 Lebanese pounds.

    In the span of just over one year, when Lebanon's economic and financial crisis began, the Lebanese pound has lost over 80% of its value.

    Before the crisis broke out in fall 2019, the pound was pegged to the dollar with an exchange rate of 1,500 pounds to one US dollar.

    The country has been formally in default for a year, and in recent days social tension has grown.

    On Tuesday, various roads and connecting arteries in Beirut, Tripoli, Sidone and the Eastern Bekaa Valley were blocked by demonstrators protesting over the high cost of living and the lack of essential services.

    The new depreciation of the pound comes as the country continues to sink into what has been called the worst political and economic crisis of the past three decades.

    The government resigned in August, after the devastating explosion at the port of Beirut, and since then the political and institutional class hasn't found an accord to form a new government.

    This government is supposed to negotiate the unlocking of international funds to support the country's economic recovery.


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