NEW WAVE OF PROTESTS ERUPT ACROSS LEBANON AS CURRENCY TUMBLES TO NEW LOW | WATCH

Fri 12 June 2020:

The Lebanese pound sank to a record low on the black market on Thursday despite the authorities’ attempts to halt the plunge of the crisis-hit country’s currency, sparking a flare-up in anti-government protests.

Protesters blocked roads across Lebanon Thursday after the local currency tumbled to a new low, forcing the country’s prime minister to call for an emergency cabinet meeting.

Branches of the country’s central bank in different parts of the country were set on fire and vandalized and protesters told local TV stations that they were “hungry.”

Prime Minister Hassan Diab’s office released a statement announcing that he had canceled all of his appointments scheduled for Friday and that an emergency cabinet session would be held “devoted to discussing monetary issues.”

Thread – $ in #lebanon today hit roof (in some areas reported 7,000 lira to the dollar up from 1,500). Road blocks and protests are back. CB issues orders to stick to 3850 with no clear mechanism on how to control that. Meanwhile in #syria, lira recovered some! #swing https://t.co/KxzoVvw4Bs

— Sarah El Deeb (@seldeeb) June 11, 2020

Large convoys of people on mopeds come to protest rather than counter protest- again much like the early days of the October uprising.

More chants of “Shia, Sunni, F*ck sectarianism.” #LebanonProtests #لبنان__ينتفض pic.twitter.com/O8to0in0ht

— Timour Azhari (@timourazhari) June 11, 2020

This group from Khandaa Al-Ghamiq joined tonight’s ‘Ring’ highway protests -the Lebanese army rushed to stop them from approaching,only to realize that they are here to protest with the protestors.

Yes, tonight,one major Anti-protest group just joined. #Lebanon #LebanonProtests pic.twitter.com/Bdroxs0HRs

— Luna Safwan – لونا صفوان (@LunaSafwan) June 11, 2020

An important thread on yesterday’s protests in Lebanon. Something big is brewing… https://t.co/sig6W2dIc3

— Tamer (@uppermetni) June 12, 2020

 

Hani Bohsali, president of the Syndicate of Importers of Foodstuffs, Consumer Products and Drinks, told Reuters that “for the last 10 days we have been able to find much less than we need, the supply is really scarce.”

But Nasser Saidi, a former economy minister, said the pound’s decline had accelerated because of increased demand for dollars in neighboring Syria, where the local currency has also hit record lows as new US sanctions are set to come into effect.

“There is the beginning of panic in Syria over the availability of dollars. This has transferred itself into increased demand in the Beirut market,” he said. – With Reuters

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