‘Point of no return’: Lebanese question the value of their currency – The National
- Date: 20-Feb-2023
- Source: The National
- Sector:Financial Markets
- Country:Lebanon
‘Point of no return’: Lebanese question the value of their currency – The National
Ziad, a grizzled, cantankerous taxi driver of retirement age, was at the end of his rope on a Wednesday morning as he drove through the Beirut congestion.
When he started his day, 73,000 Lebanese pounds made one US dollar. By mid-morning, the currency had devalued by an additional 4,000 pounds to the dollar.
Meanwhile, petrol prices had gone up, and some stations stayed closed for the second day in a row, fearing market losses.
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