Protests Hit Lebanon to Protest Decline of Lebanese Lira

Lebanese security forces on Wednesday fired tear gas to disperse hundreds of protesters, who gathered near government buildings in Beirut to express their anger at deteriorating economic conditions, according to Reuters.

Crowds gathered in the streets of central Beirut, between the Parliament and the Government House, carrying Lebanese flags.

They were angered by the deterioration in the value of government pensions, which are paid in local currency. The lira has lost more than 98% of its value against the dollar since 2019.

A Reuters witness reported that some protesters tried to cross a checkpoint leading to a government building, prompting security forces to fire tear gas to stop them.

Senior politicians and officials in the financial sector allowed the crisis to fester, with the Lebanese pound falling to an all-time low of 140,000 against the dollar on Tuesday before intervention from the Bank of Lebanon.

Banque du Liban Governor Riad Salameh said Tuesday that the bank’s exchange platform will start selling unspecified amounts of dollars in an attempt to put an end to the worsening decline in the exchange rate of the lira.

He set the safety of the new exchange rate at 90,000 liras to the dollar.