After the collapse of the currency to the bottom

The Lebanese are moving around with piles of money of little value

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Antoine Haddad, who owns a restaurant, has been working in this profession for more than 35 years, but says that his hope to continue has almost dashed, amid the worst financial crisis in Lebanon in modern times.

The Lebanese pound has lost about 90% of its value over the past two years, pushing three-quarters of the population into the ranks of the poor.

For Haddad, the difference between this crisis and the crises Lebanon experienced before, including the civil war (1975-1990), is that there is no end in sight to the current crisis.

Haddad said, "Previously, you had hope (that) tomorrow would end the war...but now there is no hope."

He added in a sarcastic tone, referring to the increasing bundles of banknotes that the Lebanese need even for their basic purchases, after the collapse of the currency, that those in charge of government affairs in the country promised the citizens a lot of money, and they already had a large amount of banknotes “to play with.”

He explained, "They promised us (the owners of power) a very nice job, and they promised us the money in our hands playing toys, and the money in our hands is playing toys."

Haddad, who has been operating his small restaurant since 1984, said that he could only buy 10% of the olive oil he used, with the amount he used to buy all his needs from it.

The government, which faces elections next March and is trying to come up with a rescue plan approved by the International Monetary Fund, has tripled the transfer allowance for workers, to ease some difficulties, but most salaries, and even the minimum wage, have not seen any adjustment.

Musa Yaqoub, who owns a bar, is amazed at how much money he needs to run his business.

He said while counting about 10 million Syrian pounds, its value was 6,600 dollars before the crisis, and its value has now collapsed to less than 500 dollars at the exchange rate in the market: “I have never held such an amount in my hand.”

He added that this amount was sufficient before to run the department for months, but he only pays two bills now.

A grocery store owner, Ronnie Burrashed, changed the way he kept banknotes in the cash drawer, because smaller denominations of banknotes were less used, and coins were almost non-existent.

Burashed said he hesitates to estimate how much money he carries in his pockets when he goes out.

He added, "I am as a man... I am confused as to what I want to carry in my pocket when I (go out)."

Sometimes carrying a million, a million and five hundred... But the point of the conversation is that they do nothing (these numbers have no value).”

And the bill for one restaurant may now exceed what some workers get.

Ali Jaber, who works in the private sector, said, "In this country there are those who have no income and are not able to manage their affairs, may God help them."

• Haddad, who has been operating his small restaurant since 1984, said that he could only buy 10% of the olive oil he used, with the amount he used to buy all his needs from.

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