The economic crisis in Lebanon has taken a new turn. Hundreds of people demonstrated Sunday (September 29th) in Beirut and the big cities, to denounce the economic and monetary crisis that affects the country.
These demonstrations degenerated in some places, before being repressed by the security forces.
At the root of these angry outbursts is a lack of US dollar liquidity that threatens several vital sectors, including wheat, medicine and fuel imports. Fuel importers have threatened to strike several times, causing citizens to rush to the service stations.
The dollar crisis in the country has recently shaken the exchange rate, which is usually set at £ 1,500. Some traders have been trading at a higher exchange rate to cover their losses.
Moreover, in recent days, customers can no longer make dollar withdrawals from vending machines if their accounts are fed in Lebanese pounds. If they contain dollars, they are blocked. Measures that would be linked to a desire of the Bank of Lebanon (BDL) to limit as much as possible the circulation of currencies in a context of fragile financial situation. The governor of the BDL, Riad Salamé, however assured in the wake that there was no shortage of dollars in the country. He also said that BDL continued to support the local currency.
In the face of citizens' anxiety, the President of the Republic recalled that certain articles of the Penal Code dealing with "damage to the State's financial reputation", as well as sanctions, could be imposed in the event of non-compliance with these laws. items. A journalist was questioned on October 1 by the office of fight against cybercrime, after telling Twitter that he could not withdraw dollars in one of the banks of the capital. The man has since deleted his publication at the request of the authorities.
The Lebanese banking sector has had to cope recently with US sanctions imposed on Hezbollah and its local allies.