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Protesters burned tires and blocked roads in parts of Beirut today, Tuesday, as the Lebanese pound fell against the dollar, as the country’s financial collapse worsened.
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The lira recorded about 15 thousand to the dollar and exceeded that number for the first time today, Tuesday, according to market participants, bringing its losses to about 90% since the outbreak of the crisis in late 2019.
An official source told Reuters that Lebanon’s foreign exchange reserves currently amount to about $ 16 billion.
Reserves were about $ 19.5 billion in August, and the decline may mean there is not enough available for a program to support the import of basic commodities such as wheat and fuel.
Lebanon’s problems have worsened after the Beirut port bombing in August, which wreaked havoc in large parts of Beirut, killed 200 people and forced the government to resign.
Lebanese caretaker Prime Minister Hassan Diab said on Tuesday that the country could keep subsidizing most commodities until June.
He added, “Currently, the government is covered with what it subsidizes until June, but some other materials, such as fuel, are not sufficient for our needs after the month of March.”
Source: RT + Reuters
