Banks burn in Lebanon as exchange rate falls to historic low

Banks burn in Lebanon as exchange rate falls to historic low

People burned several banks in Lebanon on Thursday as the local currency fell to a new all-time low against the dollar. 

What happened: The Lebanese pound fell to a historic record low of 80,000 against the dollar on Thursday, according to the Lira Rate website. 

At least six Beirut banks were set on fire Thursday in response to the currency’s fall, the Lebanese news outlet L’Orient Today reported. 

LBCI, another Lebanese news outlet, obtained footage of two banks in Beirut burning. 

Fransabank and Audi bank branches in Badaro, #Beirut, have been set on fire.

Burning tires ignited the fire at the branches’ entrances.

Citizens have gathered at the intersection between the two branches to protest the current bank’s association strike.https://t.co/pZ6nGsq9Yp pic.twitter.com/SD8SjzrGwv

— LBCI Lebanon English (@LBCI_News_EN) February 16, 2023

Protesters also gathered outside of the house of Salim Sfeir, head of the Association of Banks in Lebanon, and started a fire, according to the official National News Agency. 

What it means: The official exchange rate of 1,507 pounds to the dollar was set in 1997. The rate on the street remained roughly the same until 2019, when the economic crisis began in the country. The pound has lost more than 90% of its street value since then. 

Multiple exchange rates have