The Lebanese lira just reached its all-time low in the latest in dollar crisis that has been stifling the economy. Those who have taken to the streets are protesting the dollar reaching a reported 7000 LBP.
In just one week, the dollar reached a record high surpassing 5000 LBP on the black market. Meanwhile, the official exchange rate at legal offices is set at 3,200 pounds.
Protesters went down to the streets and closed roads across Lebanon to demonstrate the abrupt deprecation of the Lebanese lira.
Nearly all businesses, shops, and supermarkets in Lebanon have closed their doors until further notice due to the currency crash.
A source told The961 that he was at a supermarket when it suddenly stopped selling products except for one unit per item.
“The prices were being raised right as people were shopping,” he said. “I literally saw the price of a soap bottle change just after a few minutes of passing by it the first time.”
Meanwhile, the central bank governor Riad Salameh is saying that statements regarding the dollar exchange rate are merely rumors and “far from reality and completely untrue, which misleads citizens,” according to MTV News.
People are currently protesting, and have blocked numerous roads with burning tires. The protest has also taken to social media, with tweets of anger and also despair.
Support our independent media! Become a Patron!