LEBANON HAS CROSSED PATH OF NO RETURN: Just when you think the situation in Lebanon can’t get any worse, a shocking new statistic emerges. The pound, which is still pegged to the US dollar at 1,507, is actually selling at 15,500 to the greenback on the black market - 10 times the official rate. No one, except the Lebanese political elite, has access to the dollar at the government rate. The pound has lost 90 per cent of its value since 2019. In other words, if your salary was $1,000 a month in 2019, it is $100 now. Such a huge hit on people’s buying power means hundreds of thousands have been pushed into extreme and humiliating poverty; many have resorted to the medieval barter system, exchanging medicines for diapers, rice for wheat. Most people cannot afford petrol, and those who can have to wait for hours or days in lines at gas stations running short on fuel. Meanwhile, the politicians, who live in a parallel world, can’t even agree on forming a government for the past 10 months. [COMMENT BY: Omar Shariff, International Editor]
Reuters