Global RiskNews Briefs

Lebanon protests escalate as currency dives

In Lebanon, protests have ensued for several days, escalating over time, after they were paused for three months due to the COVID-19 lockdown. Hundreds of people have taken to the streets across Lebanon as the country fights the collapse of its currency. Public unrest has skyrocketed as the Lebanese pound fell to record lows. The currency has lost 70% of its value since the protests began in October.

The Prime Minister has now called an emergency meeting of his cabinet to discuss the dramatic economic crisis as the depreciation of the Lebanese pound has caused the country to suffer and experience the worst economic crisis in decades. In Lebanon, many citizens rely on hard currency savings stored away in a secure location, however, they have now fallen into extreme poverty after losing 70% of its value.

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