The Lebanese Are Protesting Again As The Pound Hits An All Times Low

Published March 3rd, 2021 - 09:48 GMT
Lebanese protester
The Lebanese economy has been suffering a series of shocks that have massively affected the local currency. (Twitter: @nicfrakesjourno)

For 17 months now, the Lebanese economy has been suffering an acute economic crisis, one that has led thousands of people to the streets several times so far, demanding "an end to the corruption promoted by the political elite" they blame the crisis on.

In October 2019, crowds of Lebanese people took to the streets in hundreds of thousands demanding an end to the financial crisis that had not yet been deepened in the country. 

The crisis started back then due to political unrest and government failures to fight decades-long standing corruption in policies that have arguably favored the ruling elite following the civil war (1975-1990).

Due to what has been described as "the banking sector collapse," the Lebanese lira has plunged to an all-time low at 10,000 per dollar compared to 1500 that had been set by the central bank prior to September 2019.

This latest drop has prompted angry Lebanese to go back to the streets, blocking roads and demanding major political changes that ensure an end to their plight.

Lebanon is still suffering the consequences of the Beruit blast that severely damaged several neighborhoods in the capital city last August, amidst doubts that the government is going to carry out a thorough and transparent investigation, ones inspired by the belief that politicians involved in the catastrophic blast will not allow such an investigation to condemn them.

Similarly, a vaccine scandal has been uncovered two weeks ago when medical sources revealed that a number of politicians have been taking advantage of the vaccinations program funded by the World Bank, jumping queue receiving shots despite priority rules set previously, which may endanger efforts to secure the efficient number of jabs needed to reopen the country and get the Lebanese economy back on track.

 


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