The protest movement continues in Lebanon. The demonstrators beat the pavement again, Thursday, June 11, against the authorities accused of corruption and against the growing economic difficulties. The Lebanese pound collapsed Thursday and came close to the threshold of 5,000 pounds for a dollar in exchange offices.

The Lebanese pound has lost 70% of its value since last October, an economic crisis which has fueled the movement of protest and questioning of the elites, accused of corruption.

This depreciation comes at a time when the government is negotiating with the International Monetary Fund (IMF) to help stop the economic collapse, one of the vectors of the unprecedented uprising launched in October against a political class accused of incompetence.

Road blocking

Throughout the country, protesters expressed their dissatisfaction with the political class by chanting and blocking the main road arteries. The police sometimes intervened with tear gas.

These are the largest gatherings since the introduction of containment measures to combat the coronavirus in mid-March.

Protesters in Tripoli, the country's second largest city in the north, threw Molotov cocktails against the headquarters of the central bank, causing a fire and inciting the security forces to use tear gas, witnesses said.

Dozens of protesters gathered at a key crossroads in central Beirut, said an AFP journalist. "Thief, thief, Riad Salamé is a thief," they chanted, referring to the governor of the Central Bank.

Young Shiites join the movement

They also chanted unity slogans after sectarian clashes last weekend. Unprecedented, the protesters were joined by dozens of young people on motorbikes from a nearby Shia neighborhood. So far, residents of the latter have attacked anti-government rallies.

"People can't take it anymore, that's enough," said Haitham, demonstrating in central Beirut, referring to the depreciation of the currency. "People have no work, no food to eat. They cannot buy medicines, diapers or milk for the children," he protested. Authorities expect 50% inflation for 2020.

In the center of the capital, near Riad al-Solh square, the security forces fired tear gas to disperse demonstrators who threw stones, according to local television.

Protesters mobilized on the highway north of Beirut, in Tire but also in Saïda (South) where dumpsters were set on fire, according to the official news agency ANI.

One dollar for 6,000 pounds

The services of Prime Minister Hassan Diab announced in a press release an "urgent" meeting of the government Friday devoted to "the monetary situation".

Officially, the national currency has been indexed on the greenback since 1997 at the fixed rate of 1,507 pounds for one dollar, but since October 2019 it has continued to fall in exchange offices.

A money changer in Beirut said it bought the dollar at 4,800 pounds and sold it for 5,000 pounds. Another in the southern suburbs bought the dollar for 4,850 pounds. In the south of the country, a customer claimed to have sold dollars at the rate of 4,750 pounds. Local media even spoke of an exchange rate of 6,000 pounds for the dollar that evening.

On Thursday evening, the central bank denied in a statement "baseless" information on "exchange rates at levels far from reality".

Inflation boom

The depreciation has led to an explosion in inflation affecting imports, whether for household appliances, furniture or auto parts.

Triggered on October 17, 2019, the uprising saw some days hundreds of thousands of Lebanese beat the pavement to shout their exasperation, denouncing the failure of basic services and a deterioration in living conditions.

For the International Crisis Group (ICG) think tank, Lebanon needs international aid to get out of the crisis, but it must be conditioned on the adoption of reforms long ignored by the political class.

With AFP and Reuters

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