Lebanese pound falls to all-time low on black market as people protest

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IslamNews – Protesters blocked roads with burning tyres and dumpsters across Lebanon on Tuesday after the currency tumbled to a new low in a financial meltdown that has fueled poverty.

Crushed under a mountain of debt, Lebanon is grappling with a financial crisis that has wiped out jobs, raised warnings of growing hunger and locked people out of their bank deposits.

The collapse of the Lebanese pound, which fell to 10,000 to the dollar on Tuesday, has slashed about 85% of its value in a country relying heavily on imports.

Protesters shut down a main highway out of the capital Beirut and the airport road. People took to the streets in other cities as well after the cost of scarce dollars hit 10,000 Lebanese pounds on the informal market.

That makes Lebanon’s minimum wage worth about $68 a month.

Source: Reuters

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