LEBANON IS FALLING INTO AN ABYSS IN FRONT OF OUR EYES: The numbers have now become surreal. In a year and a half, the Lebanese pound has become almost worthless, losing 90 per cent of its value against the US dollar. In the make-belief world of Lebanon’s officialdom, the currency remains pegged to the dollar at LP1,507. But in the real world, the exchange rate has skyrocketed to LP15,000. What does this mean? If you earned LP300,000 you could buy stuff worth $200 with it in 2019. Now, with the same salary, you can buy stuff worth $20. A quarter of all Lebanese have been pushed into extreme poverty, compared with just 8 per cent in 2019. Of course, this crisis doesn’t impact the venal political establishment that is responsible for it. [COMMENT BY: Omar Shariff, International Editor]
AFP