SAWT BEIRUT INTERNATIONAL

| 24 June 2021, Thursday |

After setting streets on fire…Black market dollar continues to soar

The Lebanese pound keeps declining against the US dollar on the black market, as it registered 14,600 LBP for sale and 14,700 LBP for purchase on Thursday morning.

The massive increase in the dollar exchange rate, the shortage of gasoline, the disappearance of medications, and all of Lebanon’s challenges spurred the Lebanese to go to the streets and block roadways. The political crisis has been dragging on for months, as have other crises.

Citizens are watching their purchasing power erode as a result of high unemployment with the Lebanese Pound dropping by more than 80%  during this crisis, while monopolies play a significant impact in the high cost of living. Skyrocketing food prices and the loss and manipulation of subsidized supplies from the markets are associated with increase in the dollar exchange rate. Not to forget to mention the spread of thievery and instability amid the utter absence of government, in addition to the worsening security conditions in the country.