Business & Economy

Protesters set fire to banks in Beirut as economic crisis deepens

Beirut, Feb 16 (EFE).- Dozens of people set fire to several banks in Beirut Thursday in protest against a further devaluation of the local currency against the US dollar.

The Lebanese pound has once again fallen to a record low and was trading at 80,000 to one US dollar on the black market

“Firefighters have extinguished a fire that broke out in Audi and Fransabank banks in the Beirut locality of Badaro,” Beirut City Council said in a statement, according to the Lebanese national news agency NNA.

Protesters burned tires outside the banks amid anger over their continuous closure and restrictions on cash withdrawals.

Earlier this month, the Central Bank of Lebanon slashed the official exchange rate of the Lebanese pound, shifting it from 1,507.5 to 15,000 pounds per one dollar.

The local currency depreciation, as well as the worsening economic crisis gripping the Middle Eastern country since 2019 and a political deadlock, has deepened in the past two months.EFE


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