Protests and tear gas in Lebanon – currency continues to deteriorate

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They gathered in the capital Beirut on Wednesday in front of the parliament building and the seat of government, eyewitnesses reported. Security forces used tear gas to prevent protesters from entering secure areas. According to eyewitnesses, a demonstrator and a police officer were injured.

“We can hardly provide for our families,” said a protester from the German news agency. “My salary is just under $30 a month while our leaders are on vacation in Europe.” Another said “people are starving” and there is no solution in sight. “Everything in this country has collapsed.”

The small Mediterranean country has been in the worst economic crisis in its history for more than three years. This was exacerbated by the corona pandemic and the devastating explosion at the port of Beirut in August 2020. According to the UN, three-quarters of the population now live in poverty.

Inflation is at 190 percent. The local currency is in free fall. On Tuesday alone, the Lebanese pound lost 15 percent of its value against the US dollar. On Wednesday, £110,000 was worth one US dollar.

On Wednesday, protesters accused the leaders of corruption and misappropriation of their savings. With foreign exchange running low, banks allow their customers only limited withdrawals. As a result, people can no longer access their savings in dollars. Many Lebanese have accounts in US currency. Government employees, including members of the army and police, are paid in pounds sterling in Lebanon. However, many supermarkets, pharmacies and other stores now price their goods in dollars.

(SDA)

Source: Blick