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dpa
Beirut
The Lebanese lira hit a record low against the dollar on the black market on Tuesday amid a worsening economic and political situation in the country.
The Lebanese lira was trading at 28,000 against the dollar on the black market for the first time since 2019, when demonstrators took to the streets to protest against a corrupt ruling class. Lebanon is suffering one of the world’s worst economic crises in more than 150 years, according to the World Bank.
The national currency has now lost about 95 per cent of its former value. Analysts expect the lira to fall further in the next few days.
According to a UN report, more than 70 per cent of Lebanon’s 6 million people now live below the poverty line.
Inflation is almost 150 per cent, and around 280 per cent for food.
Due to the increase in oil prices and poor infrastructure, many people have to live without electricity for hours every day. There is also lack of medicine and medical supplies. The deterioarting economic situation in the country has prompted many Lebanese to leave the country towards Europe and Canada to seek a better life for their families.
Adding to the economic woes in the country, political rivalry within the ruling class has prevented the cabinet from meeting for about two months.
Lebanon has been under pressure from international financing institutions to introduce economic reforms and act against corruption.
Beirut
The Lebanese lira hit a record low against the dollar on the black market on Tuesday amid a worsening economic and political situation in the country.
The Lebanese lira was trading at 28,000 against the dollar on the black market for the first time since 2019, when demonstrators took to the streets to protest against a corrupt ruling class. Lebanon is suffering one of the world’s worst economic crises in more than 150 years, according to the World Bank.
The national currency has now lost about 95 per cent of its former value. Analysts expect the lira to fall further in the next few days.
According to a UN report, more than 70 per cent of Lebanon’s 6 million people now live below the poverty line.
Inflation is almost 150 per cent, and around 280 per cent for food.
Due to the increase in oil prices and poor infrastructure, many people have to live without electricity for hours every day. There is also lack of medicine and medical supplies. The deterioarting economic situation in the country has prompted many Lebanese to leave the country towards Europe and Canada to seek a better life for their families.
Adding to the economic woes in the country, political rivalry within the ruling class has prevented the cabinet from meeting for about two months.
Lebanon has been under pressure from international financing institutions to introduce economic reforms and act against corruption.
