Lebanon.. Citizens block roads in protest against living conditions, Beirut takes new step to support the lira

A number of Lebanese citizens blocked a series of roads, on Tuesday, in the capital, Beirut, northern and eastern Lebanon, in protest against the deterioration of living conditions and the significant rise in the exchange rate of the dollar against the Lebanese pound.

Protesters blocked the road at the Taalabaya intersection, east of Lebanon, in both directions, and in the city of Baalbek, the road at the southern entrance to the city was blocked with burning tires.

In the capital Beirut, a number of citizens blocked the road in the Corniche al-Mazraa area, and shop owners closed their shops in conjunction with the blocking of the road.

Citizens also blocked the road with cars and garbage containers, called on the Lebanese people to take to the streets, and called on the army commander to get the army in control of the country.

In northern Lebanon, a number of citizens blocked the road at the Abdeh roundabout in Akkar, and blocked the Beddawi road in northern Lebanon in protest against the deteriorating economic conditions.

Limiting the collapse of the lira

Today, the dollar exchange rate reached more than 140,105 Lebanese pounds in the parallel market, before falling shortly after to <>,<> Lebanese pounds to the dollar.

The decline followed a statement by Banque du Liban Governor Riad Salameh announcing the Central Bank's readiness to conduct "an open and continuous process to buy Lebanese banknotes and sell dollars in cash at the price of the (Exchange) platform, which is set at 90,<> pounds for every dollar starting today."

Salameh said Tuesday's move was approved by the caretaker prime minister and finance minister and aimed at "limiting the rise in the lira's exchange rate in the parallel market".

Lebanon has been suffering from a financial and economic crisis since October 2019 that has had repercussions on various sectors, as the deterioration in the living conditions of the Lebanese has worsened, and inflation has witnessed a significant rise amid the continuous collapse in the value of the national currency against the US dollar.

Salameh said in February that Lebanon still had about $10 billion in foreign exchange reserves, and the country had more than $30 billion in foreign currency reserves when the crisis began.