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Lebanon: Lebanese’s currency drops to rock bottom

Lebanon: Lebanese’s currency drops to rock bottom

By Shafiqa Rehayee | Staff Writer

Lebanese currency has fallen to 48,000 LBP against the US dollar on the black market, hitting a new record low. The ongoing liquidity crisis puts intense pressure on the population, which has been dragged down a rabbit hole of financial insecurity and political turmoil since August 2019. The government seems to be unable to take measures for full dollarization of the Lebanese pound. The unproductive actions of Lebanon’s political and financial leaders plunge the Lebanese population into further poverty, according to Olivier De Schutter, the UN Special Rapporteur, in response to violations of international human rights law.