Lebanon: Mass Night Protests as the National Currency Dives

By teleSUR

14 June 20

A protracted economic crisis pushed people onto the streets for the second day in a row.

itizens took to the streets for the second night in a row to protest against Lebanon's Prime Minister Hassan Diab who has failed to control the strong depreciation of the Lebanese pound (L£) against the U.S. dollar.

"In our country, there is clientelism, poverty, a high illiteracy rate, and unemployment," citizen Mohammad Draihi said, adding that "it is easier to get weapons or drugs than to get money, food, or a diploma."

Also, the Lebanese government said that the Central Bank will inject dollars into the currency market on Monday to lower the parity below 4,000 pounds per U.S. dollar.

#Lebanonprotests
Protesting and brave Lebanese people take to the streets in Tripoli to protest the dire economic situation and the sharp devaluation of night money.#Lebanon pic.twitter.com/rgfYmxGwEY

— Navid (@Navid2019) June 13, 2020

Later, banks put restrictions on citizens to withdraw U.S. dollars in a country where the official exchange rate had remained at US$1 for 1,515 pounds since 1997.

Nevertheless, on March 7, for the first time in its history, Lebanon suspended payment of its foreign debt after admitting that it could not meet a US$1.2 billion euro-bond maturity.