Reportage
Crisis in Lebanon: remittances from the diaspora, a lifeline for the population
Audio 01:15
In Lebanon, the devaluation is reaching new heights.
A dollar is now worth more than the 50,000 Lebanese pound note, which was worth 33 before the economic crisis.
AP - Hussein Malla
Text by: RFI Follow
2 mins
In Lebanon, the devaluation is reaching new heights.
A dollar is now worth more than the 50,000 Lebanese pound note, which was worth 33 before the economic crisis.
As a result, 80% of the population has plunged below the poverty line.
The diaspora is the only lifeline of the Lebanese.
Fourteen million Lebanese live on the five continents while there are four million within the country's borders.
Since the crisis, money transfers in foreign currencies from these emigrants have exploded.
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With our correspondent in Beirut,
Sophie Guignon
In Beirut, in the Tayouneh district, an uninterrupted parade of customers throng the doors of the OMT money transfer agency.
Every month, more than 250,000 Lebanese come to withdraw money in foreign currencies sent by their relatives abroad.
They withdraw an average of $500.
“
It comes from my daughter who lives in Dubai,
says Magida Homsi, 70 years old.
It allows us to live and pay for medicine, rent and electricity.
We couldn't get by without this help.
These remittances are the only safety net for many families.
In total, they represented 6.3 billion euros in 2022, nearly 40% of Lebanese GDP.
► To read also: The Lebanese pound continues to fall
A huge addiction
A figure that has not stopped growing for Naji Abou Zeid, head of the transfer agency: “
Since the crisis, confidence in banks has been shaken.
Today, if you talk to anyone in Lebanon, they are afraid to put their money in the bank.
And so it pushed people to use money transfers more.
We were already the backbone of the country, and now we are even more so.
»
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Wasta, the satirical board game that denounces corruption in Lebanon
Lebanon is one of the countries in the world that depends most on its diaspora.
A situation that pushes the youth of the country to go into exile ever more massively.
This Monday, petrol stations plan to increase fuel prices.
► To read also:
European judges in Lebanon to investigate the actions of the Governor of the Central Bank
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Lebanon
Economic crisis