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Lebanon’s currency hits new low as economic and political crisis worsens

LEBANON’s currency hit a new low on Sunday as the country’s economic and political crisis worsened, with no apparent solutions on the horizon.

The currency has lost more than 90 per cent of its value since October 2019, when anti-government protests began.

Inflation has skyrocketed in the small country, which imports more than 80 per cent of its basic goods.

The latest crash comes as Lebanon suffers severe shortages of vital goods, including fuel and medicine.

Electricity cuts last for much of the day, and owners of private generators have warned that they cannot cover the supply deficit of the state-owned power company.

Political disagreements between President Michel Aoun and Prime Minister-designate Saad Hariri have delayed the formation of a new government.

The government of Prime Minister Hassan Diab resigned days after the explosion at Beirut’s port on August 4 last year, which killed 211, wounded more than 6,000 and damaged nearby neighbourhoods.

The World Bank said earlier this month that Lebanon’s economic and financial crisis is likely to rank as one of the world’s worst in more than 150 years.

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