Hundreds of citizens have taken to the streets in cities across Lebanon amid escalating protests as the country faces a dramatic collapse in its currency.
The Lebanese pound tumbled to record lows on Thursday, having lost 70% of its value since October 2019 when protests began.
Lebanon’s Prime Minister called an emergency cabinet meeting today to discuss the economic crisis.
The country’s government and central bank have struggled to stem the country’s worst economic crisis since its civil war.
Protests were sparked on Thursday night as many Lebanese citizens who rely on hard currency savings have fallen into poverty, their plight worsened by the pandemic.
Lebanon’s technocrat government in April estimated about 48% of the population was living in poverty, and predicted poverty levels could hit 60% by the end of 2020.
