Debt: Lebanon's currency in free fall

Due to the severe economic and financial crisis, the Lebanese complain about empty supermarket shelves and closed shops. The Lebanese pound on Friday, compared

Debt: Lebanon's currency in free fall

Due to the severe economic and financial crisis, the Lebanese complain about empty supermarket shelves and closed shops. The Lebanese pound on Friday, compared to the dollars at one of the lowest levels of all times. A Dollar cost on the black market just under 10,000 pounds. The currency has lost more than 80 percent of their value. At the same time, the Inflation is galloping.

"Lebanon is at the end," complained a woman called Rana, in a supermarket in the capital, Beirut. She was visibly shocked by the sharp rise in prices. "We can't continue like this. Lebanon controls directly on Hunger.“ Another woman moaned, she could hardly buy the necessary goods for their children: "When you enter a supermarket, then you either cry or you run out of here fast."

Some of the shops remain closed. On signs: "We are sorry, but we can offer you good prices." In front of bakeries for a long queue of bread buyers form. In may, the Inflation rate in year-over-year to around 56 percent, prices for food climbed up by more than 80 percent.

a Lack of foreign currencies

The small country on the Mediterranean sea have experienced since the months of the most severe economic and financial crises since the end of the civil war in 1990. In March, the government couldn't operate for the first time, bonds. Lebanon is one of the world's most indebted countries.

The government is negotiating with the International monetary Fund (IMF) over a rescue program. The talks are progressing slowly. Among other things, Lebanon's government was able to present so far, no uniform Numbers to the amount of the debt. Critics accuse her of, you show, once more, incapable of reform.

The Lebanese pound was tied for years to the Dollar. A Dollar was worth about 1500 pounds. Most of the Goods in the supermarkets has to be imported from abroad. The traders in the foreign exchange lack, however, is to fill the shelves sufficiently. Also, the prices of domestic Goods to rise, because the imported fuel is becoming more expensive. Many Lebanese hoarding currently candles, because they fear an end to fuel supplies.

Date Of Update: 03 July 2020, 12:19

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