April 14, 2024

Balkan Travellers

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Record depreciation of the currency, conflicts in two major cities

Angry protesters tried to attack central banking institutions in two major cities of the country: Tripoli and Sa Da, on Saturday evening, June 26, the national news agency ANI reported. These protests follow a further record decline in the national currency, the Lebanese pound, on the black market.

The two stockbrokers interviewed by Agencies France-Press (AFP) indicate that the $ 17,500 Lebanese pound is trading on the black market. One-third is presented at 17 17,300, while on social media, some users have gone so far as to talk about 18,000.

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In Tripoli (north of the country), dozens of protesters marched to denounce the value of the coin. “Hard Living Conditions”, According to ANI. The protesters reached out “Tear off the iron gate of the Bank of Lebanon branch and enter the outer courtyard”, Further “The army stopped them” According to the same source, reach the building.

According to an AFP correspondent, protesters set fire to the portal of Cheryl in the northern governor’s residence, while other protesters gathered in front of two houses of parliament to try to force the passage. Of the guards. “When the protesters came in front of the house of MP Mohammad Kabara, a gunshot was heard and a seal was struck. The army intervened. (…) Keep the protesters away ”, According to the ANI agency.

In Chad (South), ANI reported that several protesters tried to attack a Bank to Liban company before being repulsed by police.

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One of the worst global crises since 1850

Since the beginning of the crisis – one of the worst in the world since 1850, according to the World Bank – has occurred in the fall of 2019, when the Lebanese pound has fallen against the greenback. Ten days ago, it hit an all-time low, with the black market exchange rate rising to 15 15,500 per dollar. The official rate seen over two decades is still set at 50 1,507 per dollar.

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The crisis is currently compounded by fuel shortages, which are causing endless lines in front of gas stations. According to the UN, the country is experiencing an explosion in unemployment and inflation, which soon led to large-scale poverty, with half of the population now living below the poverty line.

While the country commemorates the first anniversary of the eruption at the port of Beirut that killed more than 200 people, the new government has been waiting months to form.

World with AFP