Lebanon: crisis, lira plummets to new record low

Miqati government continues to be divided

24 November, 16:00

    (ANSAmed) - BEIRUT, NOVEMBER 24 - The Lebanese lira has reached a new low: one US dollar today was exchanged in Beirut for 24,000 local liras, 16 times more than two years ago, when the country's worst economic and financial crisis of the past decades was first reported. Lebanon has been in default since March 2020. According to the UN, 80% of the resident population lives below the poverty line.

    In the context of the country's financial meltdown, the lira has lost more than 90% of its value since the fall of 2019. This has caused the depreciation of salaries, which are now paid in local liras and not in dollars- This occurred about two months after the long-awaited formation of a new Lebanese government, chaired by Najib Miqati. But the executive could never meet in a council of ministers due to the refusal of ministers politically linked to the pro-Iranian Hezbollah to continue activities of government until judge Tareq Bitar will be removed from the case on the devastating explosion at the port of Beirut in August 2020 (220 were killed).

    An additional crisis has occurred over the past few weeks: the reaction of Saudi Arabia and its Arab allies in the Gulf to the statements on war in Yemen made by Lebanon's Information Minister George Qordahi, who is close to Hezbollah. (ANSAmed).

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