Lebanese people show desperation and anger in the face of record drop in the pound
Demonstrators block a street in Beirut near the headquarters of the Central Bank, after another historic depreciation of the Lebanese pound on March 16, 2021. REUTERS - MOHAMED AZAKIR
Text by: RFI Follow
2 min
The Lebanese street ignited Tuesday after another historic depreciation of the pound against the dollar.
The Lebanese currency has reached a level ten times lower than before the crisis.
As Lebanon's collapse accelerates, politicians have still not come to an agreement on a new government.
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With our correspondent in Beirut,
Paul Khalifeh
Disorder, confusion, anguish: the Lebanese are watching their country collapse at an incredible speed.
Faced with this dramatic situation and the passivity of their leaders,
their anger grows
.
Their despair too.
On Tuesday March 16, the pound hit a historically low rate again, passing the 15,000 pounds to the dollar mark.
Ten times more than its value before the crisis.
This unprecedented depreciation of the national currency was accompanied by another bad news:
the resigning Prime Minister Hassan Diab
announced
the lifting of subsidies on fuel at the
end of March.
Finance Minister Ghazi Wazni predicted the end of all subsidies within two to three months.
Hundreds of thousands of Lebanese are already unable to make ends meet due to the destruction of their purchasing power and the dizzying rise in prices.
Across the country, angry protesters closed roads, stormed businesses to stock up or gas stations to refuel for fear of shortages.
Large supermarket chains announced on Tuesday the closure of their doors until the stabilization of the national currency.
Despite this dramatic situation, the political parties still cannot agree on a new government that could restore a bit of confidence and a little stability.
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To read also:
Lebanon: the observation of the helplessness of Hassane Diab in a country in full decay
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Lebanon
Economy
Hassan Diab
Saad Hariri
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