Sri Lanka 2.0! Devaluation of the Lebanese Pound Sparks People's Protests

 The situation in Beirut, Lebanon turned critical as its citizens protested after the value of the Lebanese Pound fell to a new low against the dollar.

According to the exchange rate portal, the value of the Lebanese Pound dropped to 38,600 against the United States (US) dollar today as the world was hit by global inflation issues.

For decades the Lebanese Pound is pegged at 1,507 against the dollar, and the current value marks a depreciation of almost 95%.

As a result, the people of Beirut have protested by attacking banks and demanding access to frozen savings.

It is understood that the protest involved the detention of 2 armed individuals which then led to the invasion of dozens of people to the Justice Palace in Beirut to protest the arrest of the 'people's hero'.

The situation was further complicated when a handful of activists blocked the road in Beirut all the way to the city of Tripoli.

Revealing the internal situation of Lebanon, the economic crisis is said to be caused by corruption and mismanagement on the part of the government, causing the pound to fall in value.

However, according to Saeb El-Zein, a Lebanese banker, the decline in the value of the pound is due to the demand for dollars following the government's withdrawal of fuel subsidies.

In the meantime, the situation in Lebanon has caught the attention of the International Monetary Fund (IMF) when a delegation is understood to have visited Beirut to find out the real situation.

In general, 4 out of 5 Lebanese people live in poverty and it is not only a concern for the IMF but also for the United Nations (UN).

What is certain, action must be taken by any body to ensure that the incident in Sri Lanka does not happen again.

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