Fluctuations in the Lebanese pound and rises in the prices of basic necessities threaten the food security of the Lebanese, more than 80% of whom live below the poverty line. After reaching a historic low on Friday, the Lebanese pound appreciated by 20% in a few hours.
With our correspondent in Beirut, Paul Khalifeh
The deterioration in the value of the national currency, followed by a sudden improvement, reflects a chronic disruption of the financial market which no longer responds to the laws of supply and demand. It is speculation, rumors and, above all, the destructuring of the economy that impact the foreign exchange market.
This disruption caused a further rise in the price of bread by 15%, the second in a week. Fuel prices also rose on Friday. The 20 liters of heating oil now cost 760,000 pounds, more than the minimum wage. Because of this situation, which they called ” disastrous “, judges launched this Friday a call for a one-week general strike from Monday in all the courthouses of Lebanon.
Faced with this unprecedented crisis, the political authorities seem desperate. The President of the Republic Michel Aoun announced the creation of a “National Price Policy Council”, invited to meet urgently to discuss food security.
After the destruction of the silos in the port of Beirut during the explosion of August 4, 2020, Lebanon no longer has strategic flour reserves. He risks being one of the first victims of the global crisis that is looming due to the war in Ukraine.