Lebanon, the once-booming Western Asian energy-rich country bordered with Syria to the north and Israel to the south, appears to be at the brink of a nationwide protest against years of corruption and waste, leading to the country’s ongoing economic demise, as tens of thousands of Labanese nationals were reportedly cutting down roadways with burning tyres and rubber bins across Beirut alongside other cities.
If truth is to be told, as the Labanese citizens were witnessing a freefall in valuation of their hard-earned money alongside mounting economic hardship, a nationwide protest had re-emerged and had turned violent this week.
Besides, in the black market, the Lebanese pound slid up to 5,000 per US Dollar, more than three-folds of the official rate of about 1,500 pound per dollar, while the Lebanon’s Central Bank had capped on withdrawals in order to salvage whatever they could amid its biggest financial crisis since the 1975-90 civil war.
Lebanese pound pummelled nearly 70 per cent since October
Concomitantly, as the Lebanese Pound had shrugged off over 70 per cent of its valuation since October and the nation’s Central Bank had put a cap of $300-$400 on withdrawals per Lebanese Citizen every month, Labanese pound’s valuation in the black market had tottered further over the recent past on frets of a complete collapse of the country’s currency.
Meanwhile, across the southern city of Sidon to the northern city of Tripoli, the Lebanese protestors had been demonstrating against the elite and had set fires on the major roadways, urging the Central Bank to intervene into the FX market which could lead to an uptick in the valuation of the Lebanese currency.
Meanwhile, adding that the protests would continue until the Government could bring down the dollar rates against the Labanese currency, a protest organizer in Central Beirut, Manal said later this week, “We can’t afford to eat or pay rent or anything like that, so we will stay here until the dollar rate goes down and we get all our demands.
” On the flipside, the Government of Lebanon had its own problem, as followed by a default of billions of dollars in debts from the International Monetary Fund on March this year, the country had been holding talks with IMF over prospects of a potential reform of the debts, though no signs of improvement had revealed itself thus far.