Start News Currency Fall: Chaotic Scenes in Lebanon

Currency Fall: Chaotic Scenes in Lebanon

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The collapse of the Lebanese pound has resulted in long lines and sometimes chaotic scenes in front of exchange offices in the capital Beirut and other places. Numerous people queued up to buy US dollars for the second day in a row. A video on the social networks showed that there were even violent attacks in front of a shop in Beirut.

A trader said that every Lebanese received only $ 200 a month at the official exchange rate on instructions from the central bank. However, since many businesses in Lebanon are conducted in the US currency, people are urgently dependent on dollars.

The Mediterranean country has been experiencing one of the worst economic crises for months. The government is negotiating a rescue program with the International Monetary Fund (IMF) to avert state bankruptcy. The Lebanese pound, which is pegged to the dollar, has lost more than 70 percent of its value. At the same time, inflation has risen, so that more and more Lebanese no longer have enough money to live on.