Plummeting lira and rising poverty fuel anger
Protests ignited in Beirut and across Lebanon as the currency dropped to 9,975 to the dollar, a record low since an economic crisis began in October, 2019.
Small-scale demonstrations began across Lebanon’s capital on Tuesday, with hundreds of people demanding government action to restore financial security.
In the city centre, near the Mohammad Al Amin Mosque, young men lit tyres and banged scaffolding with rocks to show their anger.
Passing motorists sounded their horns, reminiscent of anti-government protests in 2019.
The Lebanese pound, also referred to as the lira, is officially pegged at 1,500 to the dollar. It has steadily fallen in the past 18 months, losing more than 80 per cent of its market value.
Salaries are unchanged but the prices of basic goods, most of them imported in dollars, have shot up, pushing more than half of the Lebanese population into poverty.
Roy, 27, said the protests could intensify. The schoolteacher said his salary lost its value in recent months.
“The situation is very bad. Very, very bad,” Roy said.
“I would like to see our political organisations fall down and see a new political organisation come to rule and let us see a plan.
“We cannot continue like this.”
Protests took place in northern Tripoli, southern Sidon, in Qornayel and the Bhamdoun villages in Mount Lebanon.
Salah Naous, 25, a master’s student in economics, said the situation had become “beyond catastrophic”.
“Deep inside I want to leave, but I do believe that it’s not the right solution,” Mr Naous said.
“If all the youth leave this country and don’t put their hands together to vote for a new authority, there won’t be any change – not now, not ever.”
Earlier on Tuesday before the protests began, The National spoke to members of the public struggling to make ends meet as the currency continued to plummet.
Before the problems began, retired civil servant Alaa, 74, told The National his pension – once worth $1,000 – is now equal to about $100, barely enough for his groceries.
“If I wasn’t a homeowner with my kids supporting me, I would be begging for food on the streets,” Alaa said.
Sparked by shortages in foreign currency and decades of corruption and economic mismanagement, the crisis is deepening as politicians fail to carry out reforms required by global lenders, such as the International Monetary Fund.
The monthly minimum wage in Lebanon, set at 675,000 pounds ($445 at the official rate), is now worth about $67 on the parallel market.
Social media users vented their frustration and the hashtag Lebanon Is Not OK was trending on Twitter on Tuesday.
Inflation weighs heaviest on the poor.
Mohamed Abdel Karim, a Syrian concierge, said he dreamt of leaving Lebanon after having escaped war at home.
“My salary was worth $600. Now, it’s equal to $90,” said Mr Abdel Karim, 46.
“I have nine kids, and the prices of goods are going up. How am I supposed to feed my family?”
He said that half of the Lebanese families living in the building where he worked had left the country.
“Life has become impossible,” Mr Abdel Karim said.
However, impending economic doom has been met with political inaction.
The country has been run by a caretaker government since last August, when prime minister Hassan Diab resigned after a blast struck Beirut port, killing more than 200 people and destroying large parts of the capital.
Political and sectarian disputes over seats in the next Cabinet have stalled a new government despite a severe economic crisis.
“People are starving and our politicians only care about themselves,” said Mohamed, 28, an employee at a perfume shop in Beirut.
Mohamed said the strict coronavirus lockdown introduced in January was compounding an already-dire financial situation.
Shop owners did not receive compensation for closing their businesses and customers were scarce.
“It’s only going to get worse,” he said.
The monthly minimum wage in Lebanon, set at 675,000 lira ($445 at the official rate), is now worth about $67