Lebanese Currency Collapse: Failed Policies Led to Economic Meltdown

Lebanon is facing an unprecedented economic crisis and the local currency has already lost about 60% of its value. The central bank’s policies have come under fire while citizens are protesting how the government handles the economic meltdown which led to people’s living situation deteriorating “terrifyingly.”

Lebanon’s Currency Crisis

Protests erupted in Lebanon on Friday over the government’s handling of the unprecedented economic crisis that has tanked the local Lebanese currency, devastated people’s savings, and sent prices and inflation skyrocketing. This is the country’s worst economic crisis in decades.

The Lebanese government imposed a nationwide lockdown in March after the coronavirus outbreak. At present, 737 covid-19 cases and 25 deaths have been confirmed in the country of 6.8 million people. The lockdown has led to economic collapse with soaring unemployment and business closures. Prices of basic goods have massively inflated, in some cases by over 60%. A…