Protests break out in Lebanon over local currency’s collapse

Demonstrators on Tuesday took to the streets across Lebanon to protest against the quick collapse of the Lebanese pound to the U.S. dollar, the National News Agency reported.

The Lebanese currency registered a significant drop on the parallel market Tuesday, hitting 135,000 pounds per U.S. dollar from 100,000 one week ago.

The sharp depreciation of the Lebanese currency caused a rise in the prices of food and fuel.

Lebanese citizens blocked roads in the capital city of Beirut, the northern city of Tripoli, and the southern city of Tyre, and chanted slogans to demand quick solutions to the collapse.

Since 2019, Lebanon has been facing a steep financial crisis, which plunged more than 80 percent of the Lebanese population into poverty.

The country has so far failed to implement necessary reforms to unlock aid from the International Monetary Fund and put the country on the path of recovery.

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