Protesters closed down major roads in parts of Lebanon on Tuesday after the Lebanese lira briefly hit a new low amid a historic economic crisis that seemingly has no end in sight.
The Lebanese currency lost more than 15% of its value on Tuesday alone, tanking to more than 140,000 lira to the dollar. A week ago, the dollar was worth 100,000 liras.
The small nation is dealing with the worst economic and financial crisis in its modern history rooted in decades of corruption and mismanagement by a political class that has ruled the country since the end of the 1975-90 civil war.
The political class has been resisting the implementation of reforms as demanded by the international community. Since the economic meltdown began in October 2019, three-quarters of Lebanon’s population of over 6 million, including a million Syrian refugees, now live in poverty and inflation is soaring.
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