Domestic Affairs

Protests over the currency collapse erupted in Lebanon

by Middle East Monitor

Lebanese people yesterday took to the streets to denounce the collapse of the value of the lira against the US dollar.

On Monday, the US dollar amounted to almost 33,000 Lebanese liras on the black market, while the official price in the central bank stood at 1,500 liras.

The currency collapse was reported to have “significantly” affected the price of food, fuel and medicine, consequently decreasing purchasing power.

Protesters blocked main roads across the capital city, Beirut, the northern city, Tripoli, and the eastern province of Baalbek.

For two years now, Lebanon has been witnessing an unprecedented economic crisis that led to a currency collapse, and shortages in fuel and medicine.

The World Bank has warned that Lebanon’s prolonged severe economic depression may place it among the ten most severe crises globally since the mid-nineteenth century.

Source
Middle East Monitor
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