the Lebanese Republic Army were deployed in northern city of Tripoli on 27th June 2021 to take positions across major state institutions following a night of protests and riots against worsening living conditions in the country.
Recently, Riots have left several protesters and ten soldiers injured. Protests were reported throughout Lebanon after its 20-month economic crisis worsened. World Bank described this crisis as one of the worst crisis in 150 years. Economic crisis is coupled with political deadlock which has left Lebanon without any government since August 2020.
Lebanon Economic crisis
The Economic or liquidity crisis in Lebanon is an ongoing financial crisis in Lebanon. It was started in August 2019. Crisis further exacerbated by spread of COVID-19 in Lebanon and 2020 Beirut port explosion. As a result, Lebanon has been suffering severe shortages of vital products like fuel, medicine and medical products.
Lebanese pound has been pegged to US dollar at a rate of 1,507.5 LBP per USD in the year 1997. In August 2019, black market exchange rate reached 1,600 LBP per USD while it increased to 3,000 LBP per USD in April 2020 and 15200 LBP per USD in June 2021. United States Dollar black market exchange rate is fluctuating continuously due to devaluation of Lebanese pound. On 27th June, Lebanon’s currency reached to 18,000 LBP against USD. Pound has lost 90 per cent of its value since this crisis started.
The Western Asian nation is bordered by Syria in north & east, Israel in south and Cyprus in west across the Mediterranean Sea. It is location at crossroads of Mediterranean Basin and Arabian hinterland as a result of which, the country has a rich history and cultural identity of religious diversity. It is one of the smallest countries in Asia. Arabic is the official language.
Riots in Lebanon over Economy Riots in Lebanon over Economy